- The stock price of Gracell Biotechnologies Inc (NASDAQ: GRCL) increased by over 14% pre-market today. This is why.
The stock price of Gracell Biotechnologies Inc (NASDAQ: GRCL) increased by over 14% pre-market today. Investors are responding positively to a bullish research report.
Cantor Fitzgerald analyst Louise Chen initiated coverage on Gracell Biotechnologies with an “Overweight” rating. And Chen assigned the company a price target of $20.
“We arrive at our (price target) by using a discounted cash flow (DCF) analysis. The peak sales potential of GRCL’s product pipeline is underappreciated, in our view, and we expect upward earnings estimate revisions to potentially move GRCL’s stock higher. Upward earnings estimate revisions could be driven by pipeline advancements and/or partnerships. GRCL is well funded with a cash runway into 2024, based on our estimates,” wrote Chen in a research note.
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