Needham & Company LLC Issues Pessimistic Forecast for Celcuity (NASDAQ:CELC) Stock Price

Celcuity (NASDAQ:CELC) had its price objective reduced by analysts at Needham & Company LLC from $74.00 to $70.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 35.16% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Leerink Partners increased their target price on shares of Celcuity from $28.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Stifel Nicolaus began coverage on shares of Celcuity in a research report on Tuesday, July 1st. They issued a “buy” rating and a $30.00 target price for the company. Finally, HC Wainwright raised their price objective on shares of Celcuity from $27.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $47.40.

Celcuity Stock Performance

CELC opened at $51.79 on Friday. 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 company has a market cap of $2.02 billion, a price-to-earnings ratio of -15.01 and a beta of 0.68. Celcuity has a 52-week low of $7.57 and a 52-week high of $53.86. The firm’s fifty day simple moving average is $22.44 and its two-hundred day simple moving average is $14.79.

Celcuity (NASDAQ:CELC) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.14). Equities analysts anticipate that Celcuity will post -2.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Celcuity news, Director David Dalvey sold 100,000 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 125,000 shares of the company’s stock, valued at $5,497,500. This trade represents a 44.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 15.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Baker BROS. Advisors LP boosted its stake in Celcuity by 42.9% during the fourth quarter. Baker BROS. Advisors LP now owns 2,678,553 shares of the company’s stock worth $35,062,000 after buying an additional 803,575 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Celcuity by 45.9% in the fourth quarter. Ameriprise Financial Inc. now owns 447,171 shares of the company’s stock valued at $5,853,000 after purchasing an additional 140,642 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Celcuity by 16.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,725 shares of the company’s stock valued at $258,000 after purchasing an additional 2,756 shares during the period. Bank of America Corp DE boosted its stake in shares of Celcuity by 3.9% in the fourth quarter. Bank of America Corp DE now owns 288,259 shares of the company’s stock valued at $3,773,000 after purchasing an additional 10,907 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Celcuity by 8.9% in the first quarter. Rhumbline Advisers now owns 42,194 shares of the company’s stock valued at $427,000 after purchasing an additional 3,439 shares during the period. Hedge funds and other institutional investors own 63.33% of the company’s stock.

About Celcuity

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.