Celgene Corporation (NASDAQ:CELG) and Sage Bionetworks announced a collaboration to develop an iPhone application utilizing the Apple ResearchKit framework to improve the understanding of the burden of disease for patients living with chronic anemia due to myelodysplastic syndromes (MDS) or beta-thalassemia.
Smartphone-based apps like Sage Bionetworks’ mPower for Parkinson’s disease are increasingly being utilized as a tool by clinical study researchers to collect and analyze increasing volumes of patient-reported data in order to better capture and understand disease burden better and to improve therapeutic developments. Smartphone clinical study apps also enable the return communication of important study information to the patient participants.
“We stand at a point where technology is unlocking the ability to capture patient reported outcomes,” said Michael Pehl, President, Hematology & Oncology for Celgene. “Through our collaboration with Sage Bionetworks and the evolving capability of smartphones and wearables as robust data collection devices, we believe we will be able to provide important new insights for patients with MDS and beta-thalassemia. We are pleased to be working alongside Sage Bionetworks and the patient community on this important project.”
Celgene and Sage Bionetworks have chosen to address chronic anemia caused by myelodysplastic syndromes and beta-thalassemia. These diseases impose a great burden on affected individuals that is difficult to understand and quantify, and typically have clinical endpoints outside traditional measures. The collaboration seeks to move to a paradigm where this and other information like physiological testing are collected on a multi-dimensional and regular basis.
Already a leader in MDS, Celgene is currently developing three assets in the clinic across myelodysplastic syndromes and beta-thalassemia (CC-486, luspatercept, and enasidenib (AG-221/CC-90007)).
In addition to helping collect difficult to quantify data, the new mobile study will collect neurological assessments of patients using cognitive testing software from BrainBaseline, a leading technology for the self-assessment of cognitive performance. The app will also be an important channel for two-way communication and support for patients living with their disease – allowing them to understand their physical functioning and other symptoms of anemia.
Dr. Lara Mangravite, President of Sage Bionetworks stated, “We are thrilled to partner with Celgene to explore the use of sensor-based technologies to quantify the daily burden of disease in patients with chronic anemia. This is a first of its kind exploration from which we hope to gain insights that can be used to understand the impact of chronic anemia.” (Original Source)
Shares of Celgene closed yesterday at $99.64, up $1.14 or 1.16%. CELG has a 1-year high of $128.39 and a 1-year low of $93.05. The stock’s 50-day moving average is $106.89 and its 200-day moving average is $105.83.
On the ratings front, Celgene has been the subject of a number of recent research reports. In a report released yesterday, Jefferies analyst Brian Abrahams reiterated a Buy rating on CELG, with a price target of $134, which implies an upside of 34.5% from current levels. Separately, on the same day, Cowen’s Eric Schmidt reiterated a Buy rating on the stock and has a price target of $150.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Abrahams and Eric Schmidt have a total average return of 8.6% and 22.7% respectively. Abrahams has a success rate of 54.4% and is ranked #316 out of 4180 analysts, while Schmidt has a success rate of 53.5% and is ranked #70.
Overall, 3 research analysts have assigned a Hold rating and 16 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $137.50 which is 38.0% above where the stock closed yesterday.
Celgene Corp. is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. Its targeting areas include intracellular signaling pathways, protein homeostasis and epigenetics in cancer and immune cells, immunomodulation in cancer and autoimmune diseases and therapeutic application of cell therapies.