In a report released yesterday, Leah R. Cann from Oppenheimer maintained a Buy rating on Celgene (NASDAQ: CELG), with a price target of $163. The company’s shares closed yesterday at $81.36, close to its 52-week low of $81.05.
Cann wrote:
“ASCO abstracts released today that appear most impactful to Celgene are those for Pomalyst as a triplet treatment; Revlimid in combination with Rituxan compared to chemo therapy regimens; JCAR017 in DLBCL; bb2121 in multiple myeloma; and potentially Abraxane in squamous cell lung cancer. The OPTIMISMM results support our expectations for Pomalyst’s use in previously treated multiple myeloma patients. Investigator conclusions in the RELEVANCE abstract suggest further investigation in this setting may be warranted. TRANSCEND data continue to be positive for JCAR017, which could be approved in 2019 and provide upside, as could bb2121 based on the CRB-401 data continuing to impress. Data for Abraxane for use in a new setting, squamous cell lung cancer, will be part of a late breaking presentation.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 16.9% and a 58.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
Currently, the analyst consensus on Celgene is Moderate Buy and the average price target is $117.13, representing a 44.0% upside.
In a report issued on May 4, Credit Suisse also maintained a Buy rating on the stock with a $129 price target.
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Celgene’s market cap is currently $59.56B and has a P/E ratio of 23.11. The company has a Price to Book ratio of 11.52.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2018, James Loughlin, a Director at CELG sold 9,250 shares for a total of $851,093.
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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.
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