Guggenheim last night initiated coverage of Celcuity (CELC) with a Buy rating and $110 price target The firm’s physician feedback indicates “high enough” gedatolisib sales in second-line breast cancer to drive significant share appreciation. The analyst forecasts PIK3CAwt U.S. sales of $1.8B out of a $3B-$5B total addressable market and thinks peak sales expectations only need to rise above $1.25B for there to be stock upside in this segment alone. Guggenheim believes the market is “still playing catch-up” to the magnitude of gedatolisib’s sales opportunity after the recent phase 3 success.
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