Piper Jaffray’s healthcare analyst Joshua Schimmer weighed in with an update on Celgene Corporation (NASDAQ:CELG), as the company reported yesterday morning full fourth-quarter results and guidance. The analyst raised the price target to $135 (from $115) and reiterated an Overweight rating on the stock.
Schimmer noted, “The company continues to have one of the strongest NT and mid-term growth outlooks, although the LT prospects are clouded by eventual Revlimid patent expiries in EU and US. Trading at ~25x our 2015 EPS estimate and offering a sustainable mid-20’s % EPS CAGR, we believe bottom line growth will more than offset any multiple compression we might see this year. We reiterate our Overweight rating and as we roll forward our DCF valuation to 2015 numbers and adjust our estimates to reflect guidance, our PT increases.”
Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies to treat cancer and immune-inflammatory related diseases in the United States and internationally.