Celgene Corporation (NASDAQ:CELG) announced results from multiple sponsored and independent studies will be presented during the European Society of Medical Oncology (ESMO) 2016 Annual Meeting evaluating the use of ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) as a foundational treatment, either alone or in combination with novel agents and novel regimens, for patients with traditionally challenging cancers, including metastatic pancreatic cancer (mPAC), metastatic breast cancer (MBC) and advanced non-small cell lung cancer (NSCLC).
“Celgene continues to evaluate the safety and efficacy of ABRAXANE in patients with particularly challenging advanced diseases or with co-morbidities that limit their treatment options,” said Michael Pehl, President, Hematology and Oncology for Celgene. “These data continue to shape our understanding of these difficult to treat diseases which will help evolve the current and future treatment landscapes in areas where there have been historically limited treatment options available to patients.” (Original Source)
Shares of Celgene Corporation closed yesterday at $104.03, down $1.26 or -1.20%. 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 $107.91 and its 200-day moving average is $105.51.
On the ratings front, CELG stock has been the subject of a number of recent research reports. In a report issued on October 5, Jefferies analyst Brian Abrahams reiterated a Buy rating on CELG, with a price target of $134, which implies an upside of 29% from current levels. Separately, on September 30, Piper Jaffray’s Joshua Schimmer reiterated a Buy rating on the stock and has a price target of $145.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Abrahams and Joshua Schimmer have a total average return of 8.6% and -0.7% respectively. Abrahams has a success rate of 54% and is ranked #317 out of 4190 analysts, while Schimmer has a success rate of 45% and is ranked #3319.
Overall, 3 research analysts have assigned a Hold rating and 17 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 32.2% 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. The company’s products include Revlimid, Vidaza, Thalomid, Pomalyst/Imnovid, Abraxane, and Istodax.