Cowen top analyst Eric Schmidt is out with a favorable report on Celgene Corporation (NASDAQ:CELG) after the biotech giant hiked prices for pipeline blood-cancer drug Revlimid and multiple myeloma drug Pomalyst by 3%. For Schmidt, Celgene continues to be a top pick and as such the analyst reiterates an Outperform rating on the stock, with a $150 price target, which represents a nearly 32% increase from where the shares last closed.

Schmidt believes that having garnered $5.8 billion in 2015 sales, Revlimid’s future shines bright. The analyst sings the praises of Celgene and Revlimid’s prospects, commending the drug’s, “[…] much remaining patent exclusivity, the opportunity to grow penetration in U.S. and ex-U.S. markets based upon recent label expansions, and upcoming 2017 readouts in NHL (RELEVANCE and AUGMENT). With support from newer products (Pomalyst, Abraxane, and Otezla) and a bulked up pipeline (GED-0301 for Crohn’s, ozanimod for MS and UC, MEDI4736 for heme malignancies, AG-221 and AG-120 for cancer, luspatercept in beta thalassemia/anemia), Celgene should be able to achieve its revised 2017 guidance as well as 2020 financial targets calling for roughly 20% top and bottom-line growth.”

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As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, top five-star analyst Eric Schmidt has achieved a high ranking of #65 out of 4,123 analysts. Schmidt upholds a 56% success rate while realizing 21.6% in his yearly returns. When recommending CELG, Schmidt earns 3.8% in average profits on the stock.

TipRanks analytics demonstrate CELG as a Strong Buy. Based on 18 analysts polled by TipRanks in the last 3 months, 15 rate a Buy on CELG, while 3 maintain a Hold. The 12-month average price target stands at $140.36, marking a 23% upside from where the stock is currently trading.