In a research report released Monday, Cantor analyst Mara Goldstein reiterated a Buy rating on shares of Celgene Corporation (NASDAQ:CELG) with a price target of $159, after the biotech giant announced preliminary results from its ongoing Phase 2 study with investigational drug sotatercept in patients with myelofibrosis at the 58th Annual Meeting of the American Society of Hematology (ASH).

Goldstein commented, “Data presented at ASH are supportive of CELG’s self-imposed growth targets, in our view, based on the breadth and depth of the pipeline, and data generated thus far. Revlimid should continue to be a growth driver, but importantly, its growth potential is spread across multiple opportunities, suggesting to us that growth is achievable without all the potential indications reading out positively. In addition to the existing IMID franchise, data across a number of candidates, including those fully owned (such as CC-486 and CC-220) and those licensed (such as AGI-221, luspatercept, and bb2121), potentially provide multiple levers for growth.”

“With such a large pipeline, we are less concerned with the uncertainty around CAR-T (recent clinical hold on the JCAR015 ROCKET trial). CELG also has ex-US rights to JCAR017 and JCAR014, which had data at the meeting as well, but where we continue to be cautious given neurotoxicity (25% grade 3-5) in the JCAR014 study. The bottom line is that we think that CELG shares are positioned to experience valuation expansion based on the strength of the existing portfolio plus the later stage pipeline,” the analyst concludes.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mara Goldstein has a yearly average return of 1.4% and a 42% success rate. Goldstein has a 12.5% average return when recommending CELG, and is ranked #1505 out of 4240 analysts.

Out of the 27 analysts polled by TipRanks, 23 rate Celgene Corporation stock a Buy, while 4 rate the stock a Hold. With a return potential of 19.8%, the stock’s consensus target price stands at $140.30.