Celcuity price target raised to $42 from $39 at Stifel

Stifel raised the firm’s price target on Celcuity to $42 from $39 and keeps a Buy rating on the shares. The firm is updating its model to add risk-adjusted gedatolisib sales for first-line endocrine-resistant HR+ mBC and second-line mCRPC, which are phase 3 and phase 1/2 trial developments, respectively, but notes that its Buy thesis is “not anchored to these opportunities,” but centered on the second-line HR+ mBC Phase 3 studies that will read out for two separate patient cohorts over the next nine months.