Celcuity (NASDAQ:CELC) Stock Falls 7.9% – Here’s What Happened

Celcuity, Inc. (NASDAQ:CELC) traded down 7.9% during trading on Wednesday. The company traded as low as $65.85 and last traded at $65.6050. 975,784 shares were traded during mid-day trading, a decline of 10% from the average session volume of 1,080,307 shares. The stock had previously closed at $71.25.

Analyst Ratings Changes

CELC has been the subject of several research reports. Craig Hallum reiterated a “buy” rating and set a $178.00 price target on shares of Celcuity in a report on Wednesday, July 15th. Guggenheim lifted their target price on shares of Celcuity from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Celcuity in a research note on Tuesday, September 1st. HC Wainwright reaffirmed a “buy” rating and issued a $155.00 price objective on shares of Celcuity in a research note on Friday, August 14th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Celcuity in a report on Thursday, September 17th. They issued an “overweight” rating and a $157.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $154.25.

Celcuity Price Performance

The company has a debt-to-equity ratio of 6.04, a current ratio of 8.93 and a quick ratio of 8.93. The stock’s 50 day moving average price is $87.13 and its two-hundred day moving average price is $102.27. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of -15.34 and a beta of 0.10.

Celcuity (NASDAQ:CELC) last posted its earnings results on Thursday, August 13th. The company reported ($1.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.28). On average, equities research analysts anticipate that Celcuity, Inc. will post -4.82 EPS for the current year.

Hedge Funds Weigh In On Celcuity

Large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. grew its holdings in Celcuity by 358.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 15,958 shares of the company’s stock valued at $1,670,000 after buying an additional 12,476 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Celcuity in the second quarter valued at approximately $480,000. IFP Advisors Inc acquired a new stake in shares of Celcuity in the second quarter worth $73,000. Nykredit A S bought a new position in Celcuity during the second quarter worth $119,000. Finally, Corient Private Wealth LP bought a new position in Celcuity during the second quarter worth $1,258,000. Institutional investors and hedge funds own 63.33% of the company’s stock.

About Celcuity

Celcuity, Inc is a clinical-stage biotechnology company that develops functional diagnostic tests designed to help identify patients who may benefit from targeted cancer therapies. The company’s technology is intended to measure the activity of cellular signaling networks in living tumor cells, rather than relying solely on the presence or absence of individual biomarkers.

Celcuity’s proprietary CELsignia platform analyzes patient tumor samples to identify abnormal signaling activity associated with cancer growth and treatment response.