Wells Fargo bullish on Celcuity, initiates with an Overweight

As previously reported, Wells Fargo initiated coverage of Celcuity (CELC) with an Overweight rating and $126 price target The firm believes the upcoming VIKTORIA-1 PI3KCA mutant readout is largely de-risked by the wild-type readout and Phase 1. The current stock price doesn’t reflect gedatolisib’s market opportunity in breast cancer and metastatic castration-resistant prostate cancer is a free call option at these levels, Wells adds.