Celyad CFO transitioning to CEO ‘a positive,’ says H.C. Wainwright

H.C. Wainwright analyst Edward White maintained a Buy rating and $52 price target on Celyad after the company reported FY18 results and announced its CFO was transitioning to CEO. The analyst noted that the company reported revenue above its estimate, although reporting EPS below its estimate. Additionally, Celyad reiterated that it had enough cash and investments to fund through mid-2020. White believes Filippo Petti’s transition to CEO should “likely be well accepted by investors” and “is a positive for the company.”
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