Oppenheimer Bullish on Celgene Corporation (CELG) Following Japanese Approval of Otezla

Oppenheimer analyst Leah R. Cann has reiterated her Buy rating for Celgene Corporation (NASDAQ: CELG) after the firm’s pipeline drug Otezla has now become the first oral psoriasis treatment to gain Japanese approval in 25 years.

According to Cann, “This development supports our ex-US sales estimates and does not alter our sales estimates or rating,” while adding, “However, it does provide potential upside to our expectations for international sales of Otezla.”

Otezla received U.S. FDA approval in March 2014 and September 2014 for active psoriatic arthritis and moderate to severe plaque psoriasis, respectively.

Cann’s recommendation corresponds with the analyst consensus rating on TipRanks of Strong Buy, based on analyst recommendations made in the last three months. Cann gave a price target of $145, which represents an upside of almost 23% from the current share price.

Leah R Cann has a 60% success rate according to TipRanks with an average return of 1.1%.

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