UPDATE: Rodman & Renshaw Initiates Celgene at Market Outperform

Rodman & Renshaw is out with its report today on Celgene

, initiating CELG at Market Outperform. In its report, Rodman & Renshaw writes, "In our view, the stock is consolidating before a sustained move up that will be driven by the company's unmatched earnings leverage, influenced principally by increasing use of maintenance Revlimid, share buy-backs, and data from studies of Revlimid and pipeline products, pomalidomide and apremilast." Rodman & Renshaw has a $105 PT on CELG. At the time of posting, shares of CELG were trading at $66.19, down 0.25% from Thursday's close.