Geda Chance to Buy the Post-ASCO Pullback

研报英文原文证据摘录

Geda Chance to Buy the Post-ASCO Pullback

Biotechnology - Oncology & Rare Diseases

Oncology - Market Overweight

CELCUITY, INC. (CELC) June 28, 2026

Geda Chance to Buy the Post-ASCO Pullback Rating:

Outperform

The Wolfe Byte Price: $99.95

Shares are down ~25% post-ASCO, below pre-catalyst. The 13+ mo mPFS didn't Price Target:

print but the control arm also underperformed. Geda triplet's impressive HR $160

of 0.50 beat the implied bridge (~0.55-0.60) and is what we think will drive % Upside:

60.1%prescribing. Fundamentals intact, maintain OP.

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We touched base with mgmt, and the team appears ready to execute on Company Information

commercialization (PDUFA date in July). CELC has hired 90 reps, 10 managers, plus 52-Week Range $12 - $145

MSLs, marketing/commercial teams (e.g., full 150-person org kicked off in Chicago Market Cap. (MM) $4,874

early May, reps now field-profiling accounts). Mgmt noted strategic prep and payer Enterprise Value (MM) $5,380

Shares Out. (MM) 48.8

teams are in place. Mgmt has commented that hiring quality is strong; no recruiters Avg. Value Traded (MM) $141.00

utilized and reps include predominantly veterans from prior breast cancer launches SI% of Float 28.9%

(~17 years average oncology experience).

Modeling a realistic launch trajectory. We discussed with mgmt the projected launch 140

ramp and time to peak sales based on historical precedents. A market penetration 120

rate of ~1% per month, reaching peak penetration over ~36–42 months, appears to 80

be a reasonable assumption. A temporary miscellaneous J-code with 6-month review 60

cycles represents standard reimbursement friction for any buy-and-bill drug, and 20

mgmt has expressed confidence in the IV launch within the community setting. For 0