J.P. Morgan Remains On The Sidelines On Celgene; Waits For Additional Drivers Of Near-Term Upside
In a research report published today, J.P. Morgan analyst Cory Kasimov reiterated a Neutral rating on Celgene Corporation (NASDAQ:CELG) with a price target of $120, which represents a potential upside of 6% from where the stock is currently trading.
Kasimov wrote, “We’re providing our latest thoughts on CELG following a series of doc calls, company discussions, a buyside survey (n=35), and a completely re-built model. We consider CELG to be one of the most fundamentally sound companies in all of biotech with robust top- and bottom-line growth and a deep and broad pipeline. That said, we do have some difficulty finding incremental drivers of near-term upside that aren’t already appreciated by investors”
The analyst concluded, “We remain impressed by the continued growth of the Revlimid franchise, strong launches of Pomalyst and Abraxane, and compelling pipeline assets (GED-0301 and earlier partnered programs), but we have a Neutral rating as we await additional drivers that are incremental to current expectations.”
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 18.4% and a 55.6% success rate. Kasimov is ranked #458 out of 3427 analysts.