Oppenheimer analyst Leah R. Cann maintained a Buy rating on Celgene (NASDAQ: CELG) yesterday and set a price target of $163. The company’s shares closed yesterday at $87.49.
Cann commented:
“We estimate that Otezla will account for nearly 10% of Celgene’s product sales in 2018, with approximately 24% of Otezla sales resulting from psoriasis patents. We estimate that in 2022, psoriasis patients will account for 31% of Otezla sales. The data presented today, showing a meaningful improvement in outcomes important to patients with moderate to severe plaque psoriasis of the scalp, supports our outlook for Otezla. These positive top-line results from STYLE are consistent with the sub- analyses of UNVEIL and ESTEEM. These positive results for a large subset of the moderate to severe setting offer a large market opportunity for Celgene.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 13.7% and a 48.5% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Currently, the analyst consensus on Celgene is a Moderate Buy with an average price target of $120.11, which is a 37.3% upside from current levels. In a report issued on September 28, Cantor Fitzgerald also initiated coverage with a Buy rating on the stock with a $100 price target.
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The company has a one-year high of $140.20 and a one-year low of $74.13. Currently, Celgene has an average volume of 4.76M.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is neutral on the stock.
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Celgene Corp. is an integrated global biopharmaceutical company, which engages in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases. Its targeting areas include intracellular signaling pathways, protein homeostasis and epigenetics in cancer and immune cells, immunomodulation in cancer and autoimmune diseases and therapeutic application of cell therapies. The company’s products include Revlimid, Vidaza, Thalomid, Pomalyst/Imnovid, Abraxane, and Istodax. Celgene was founded by David Stirling and Sol Barer in 1986 and is headquartered in Summit, NJ.
