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Investing.com - H.C. Wainwright raised its price target on Celcuity Inc (NASDAQ:CELC) to $50.00 from $27.00 on Tuesday, while maintaining a Buy rating following positive Phase 3 trial results. The stock, currently trading at $36.79 with a market cap of $1.39 billion, has surged over 160% in the past week. According to InvestingPro, the company has shown remarkable momentum across multiple timeframes.
The upgrade comes after Celcuity reported topline efficacy results from its VIKTORIA-1 Pivotal Phase 3 trial in the PIK3CA Wild-Type cohort on Monday. The study evaluated gedatolisib in combination with other treatments against fulvestrant monotherapy.
The trial’s triplet arm (gedatolisib + palbociclib + fulvestrant) achieved a median progression free survival (mPFS) of 9.3 months with a hazard ratio of 0.24 (p
The doublet arm (gedatolisib + fulvestrant) also demonstrated strong results with an mPFS of 7.4 months and a hazard ratio of 0.33 (p
H.C. Wainwright noted that the results exceeded expectations and increased its probability of launch estimate to 70%, contingent on favorable safety data compared to earlier-stage studies. Analyst targets now range from $27 to $74, with InvestingPro data indicating the stock is currently in overbought territory. InvestingPro subscribers have access to 15 additional key insights about CELC’s valuation and growth prospects.
In other recent news, Celcuity Inc. announced proposed public offerings totaling $225 million, which include $150 million in convertible senior notes due 2031 and $75 million in common stock. The company also plans to grant underwriters 30-day options to purchase additional convertible notes and common stock to cover potential over-allotments. Celcuity reported positive Phase 3 trial results for its breast cancer drug gedatolisib, which demonstrated significant efficacy in treating hormone receptor-positive, HER2-negative advanced breast cancer. The gedatolisib triplet therapy reduced the risk of disease progression or death by 76% compared to fulvestrant alone, while the doublet therapy reduced the risk by 67%. The median progression-free survival for the triplet therapy was 9.3 months, compared to 2.0 months for fulvestrant alone. These recent developments have drawn attention to Celcuity’s ongoing efforts in advancing cancer treatment.
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