RHHBY - Cowen initiates Celcuity with an outperform rating on breast cancer diagnostic

Cowen has initiated shares of Celcuity (CELC +6.2%) with an overweight rating but no price target. The company is developing a companion diagnostic, CELsignia, for breast cancer. CELsignia uses live tumor cells derived from a patient biopsy and measures real-time activity changes in response to specific pathway inhibitors, according to Cowen. "We see upside to the stock as CELsignia trials readout data in 2021 and 2022," Cowen says. Celcuity has five collaborative trials ongoing with Genentech (OTCQX:RHHBY +0.3%), Puma Biotechnology (PBYI -1.1%), Pfizer (PFE -0.5%), and Novartis (NVS +0.2%). Cowen believes CELsignia could be approved as soon as 2023 as is modeling peak sales of >$700M.

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Cowen initiates Celcuity with an outperform rating on breast cancer diagnostic