J.P. Morgan’s healthcare analyst Cory Kasimov weighed in today with a few insights on Celgene Corporation (NASDAQ:CELG), after the biopharmaceutical company presented positive results today from its FLASH analysis for Revlimid in 1L follicular lymphoma at the American Society of Clinical Oncology (ASCO) meeting in Chicago. The analyst rates Celgene shares a Neutral, without suggesting a price target.
Kasimov noted, “We are encouraged that complete response could in fact be used as a surrogate endpoint for PFS, leading to a short trial duration and thus quicker time to market. Importantly, following this analysis CR30 could be considered a primary endpoint in future 1L FL studies.”
Furthermore, “This analysis evaluated data from 13 randomized first-line trials. A total of 26 treatment arms were evaluated, with 9 studies having at least 1 arm with rituximab and 4 without. The pre-specified threshold for surrogacy was met, which showed that CR at 30 mos could be predictive of effects on PFS in 1L FL patients. More specifically, a minimum 10% absolute improvement in CR at 30 mos over a control CR at 30 mos of 50% predicted significant improvement in PFS. Using CR as a surrogate endpoint for PFS can expedite trial durations.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 14.9% and a 64.8% success rate. Kasimov is ranked #194 out of 3610 analysts.