** H.C. Wainwright downgrades cancer diagnostics firm Celcuity CELC.O to "neutral" from "buy"; raises PT to $94 from $77

** Brokerage sees the pre-revenue company with a single asset, gedatolisib, and a $4.3 billion valuation as a stock priced for perfection with more downside risk than upside

** CELC's stock price has appreciated about 608% YTD

** H.C. Wainwright notes that the FDA has accepted an NDA for gedatolisib in wild-type PIK3CA breast cancer, but risks remain around potential delays, strong competition from large pharma, and weaker-than-expected pricing or adoption

** Shares of Celcuity CELC.O down about 2.96% to $89.94 in afternoon trading

** Eight of nine brokerages rate stock "buy" or higher, one "hold"; median PT is $96.50 — data compiled by LSEG

** Including session's moves, CELC stock has risen ~587.1% YTD

(Reporting by Anuj T in Bengaluru)

((anuj.t@thomsonreuters.com))