Cowen Maintains Outperform On Celgene Following ASH Meeting; Keeps $110 PT
Cowen analyst Eric Schmidt maintained an Outperform rating on Celgene Corporation (NASDAQ:CELG) with a price target of $110, which, surprisingly, represents a potential downside of 5.5% from where the stock is currently trading.
Schmidt observed, “Management is increasingly confident that Revlimid containing triplets will be the backbone of therapy in myeloma, that duration of Revlimid dosing will increase as a result, and that several partnered programs will succeed. Though not explicit, several comments suggest the company is likely to update its longer-term financial guidance in Jan.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Eric Schmidt has a total average return of 34.6% and a 80.0% success rate. Schmidt has a 30.4% average return when recommending CELG, and is ranked #42 out of 3401 analysts.