J.P. Morgan Reiterates Overweight on Celgene Corporation (CELG) Following Meeting With COO

In a research report issued today, J.P. Morgan analyst Cory Kasimov reiterated an Overweight rating on shares of Celgene Corporation (NASDAQ:CELG), with a price target of $152, after hosting a meeting with the company’s President and Chief Operating Officer Mark Alles.

Kasimov wrote, “We came away from the event incrementally more optimistic about the company’s outlook and with a better appreciation for potential long-term performance levers. ASH should be an important meeting for CELG. While the pure stock impact remains to be seen, details from the Phase 3 SWOG S0777 study in multiple myeloma and the unveiling of development plans for the PD-L1 durvalumab (in collaboration with AZ) could stoke further enthusiasm for the company’s hematology-oncology franchise. Combined with the encouraging longterm outlook for Otezla and even Abraxane (yes, Abraxane), we think it’s possible – though far from certain – that CELG again raises its long-term outlook at The J.P. Morgan Healthcare Conference in January. Management, not surprisingly, also sounded a confident tone on Revlimid’s IP position.”

Bottom line, “While there is a lack of stock moving catalysts in the near term, we view CELG as one of the most fundamentally sound biotech companies in the industry. We are confident in the company’s execution and think management has done a nice job of addressing next decade revenue with BD.”

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 -2.7% and a 44.9% success rate. Kasimov has a -5.2% average return when recommending CELG, and is ranked #3427 out of 3858 analysts.

As of this writing, all the 7 analysts polled by TipRanks in the last 3 months rate Celgene stock a Buy. With a return potential of nearly 34%, the stock’s consensus target price stands at $151.83.


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