Celcuity (NASDAQ:CELC) Price Target Cut to $70.00 by Analysts at Needham & Company LLC

Key Points

• Needham & Company LLC has reduced Celcuity's price target from $74.00 to $70.00, maintaining a "buy" rating, which indicates a potential upside of 34.90% from its current stock price.
• Celcuity's current earnings per share of ($1.04) missed analyst expectations of ($0.90), reflecting ongoing financial challenges for the company.
• Insider trading activity included Director David Dalvey selling 100,000 shares for approximately $4.4 million, reducing his ownership stake by 44.44%.

Celcuity (NASDAQ:CELC - Get Free Report) had its price objective dropped by stock analysts at Needham & Company LLC from $74.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 34.90% from the company's current price.

A number of other research firms have also weighed in on CELC. Stifel Nicolaus initiated coverage on shares of Celcuity in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective on the stock. Leerink Partners increased their price target on shares of Celcuity from $28.00 to $60.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, HC Wainwright raised their price objective on shares of Celcuity from $27.00 to $50.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Celcuity presently has a consensus rating of "Buy" and a consensus price target of $47.40.

Celcuity Stock Performance

NASDAQ CELC opened at $51.89 on Friday. The business's 50-day moving average price is $21.67 and its 200 day moving average price is $14.49. The company has a quick ratio of 6.61, a current ratio of 6.61 and a debt-to-equity ratio of 1.14. The firm has a market cap of $2.02 billion, a P/E ratio of -17.13 and a beta of 0.68. Celcuity has a 52-week low of $7.57 and a 52-week high of $53.40.

Celcuity (NASDAQ:CELC - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.14). On average, equities research analysts expect that Celcuity will post -2.62 earnings per share for the current year.

Insider Buying and Selling

In other Celcuity news, Director David Dalvey sold 100,000 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $43.98, for a total transaction of $4,398,000.00. Following the sale, the director directly owned 125,000 shares in the company, valued at approximately $5,497,500. The trade was a 44.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.77% of the company's stock.

Institutional Trading of Celcuity

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in Celcuity by 22.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,683 shares of the company's stock valued at $192,000 after buying an additional 2,676 shares in the last quarter. Geode Capital Management LLC increased its stake in Celcuity by 9.8% in the 4th quarter. Geode Capital Management LLC now owns 692,372 shares of the company's stock valued at $9,065,000 after purchasing an additional 62,003 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Celcuity by 81.7% during the fourth quarter. Wells Fargo & Company MN now owns 15,515 shares of the company's stock worth $203,000 after purchasing an additional 6,976 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in Celcuity by 49.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,421 shares of the company's stock worth $45,000 after purchasing an additional 1,132 shares during the last quarter. Finally, Barclays PLC boosted its position in Celcuity by 6.7% during the fourth quarter. Barclays PLC now owns 57,199 shares of the company's stock worth $749,000 after purchasing an additional 3,594 shares in the last quarter. Institutional investors and hedge funds own 63.33% of the company's stock.

Celcuity Company Profile

Celcuity Inc, a clinical stage biotechnology company, focuses on the development of targeted therapies for the treatment of various solid tumors in the United States. The company's CELsignia diagnostic platform uses a patient's living tumor cells to identify the specific abnormal cellular process driving a patient's cancer and the related targeted therapy for the treatment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.