Celyad (CYAD) Gets a Buy Rating from H.C. Wainwright


H.C. Wainwright analyst Edward White maintained a Buy rating on Celyad (CYAD) today and set a price target of $46. The company’s shares closed yesterday at $22.65.

White wrote:

“We base our $46 price target on probability-adjusted revenue forecasts for CYAD-01 in r/r AML and third line metastatic CRC. We use the net present value of our revenue forecast through 2026, apply a 25% POS for AML and 20% POS for CRC, a 4x price/sales multiple. We include our year-end 2018 estimated fully diluted net cash of $4.39/share (assuming €1.00 = $1.15) to arrive at our price target. Our P/S multiple of 4x is in-line with Celyad’s peers that range between 2-5x. We use a 25% discount rate for the pipeline due to development risks and note that it is at the high end of the typical range of 15-25% for products in development. We project revenues of $239M for CYAD-01 in AML and $596M for CRC in 2026.”

According to TipRanks.com, White is a 5-star analyst with an average return of 14.1% and a 46.0% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Synthetic Biologics Inc.

Currently, the analyst consensus on Celyad is a Strong Buy with an average price target of $48.50, an 114.1% upside from current levels. In a report issued on January 8, William Blair also maintained a Buy rating on the stock.

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The company has a one-year high of $48.20 and a one-year low of $15.36. Currently, Celyad has an average volume of 9,054.

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Celyad SA is a clinical-stage biopharmaceutical company, which engages in the identification and development of specialized cell-based therapies. Its products include cardiopoiesis platform, immuno-oncology, and medical devices. The company was founded by Michel Lussier and William Wijns on July 24, 2007 and is headquartered in Mont-Saint-Guibert, Belgium.

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