Celcuity price target raised to $29 from $23 at Needham

Needham raised the firm’s price target on Celcuity (CELC) to $29 from $23 and keeps a Buy rating on the shares. The firm contends that the company’s anticipated Phase I results for geda supports a positive outlook heading into the readout, the analyst tells investors in a research note. Needham assigns a 35% likelihood to its Base Case that the study meets its primary endpoint of superiority against fulvestrant and a 30% to upside scenario with geda showing clear benefit over standard of care.