Auriga Reiterates Buy, $71 PT On Celgene
In a note out today, Auriga reiterated a buy rating and $71 price target on biotech firm Celgene (Nasdaq: CELG), implying decent upside from where the shares currently trade.
“Celgene reported on December 12 the long–awaited for interim analysis of the MM-015 study of continuous Revlimid therapy for the treatment of patients with the diagnosed multiple myeloma at the 53rd (2011) Annual Meeting of the American Society of Hematology in San Diego, CA. The results were impressive in that the PFS (progression free survival) was 31 months for the maintenance therapy group and 12-15 months without the maintenance group. We believe the data is strong and expect regulatory approval in the US and EU market in 2013. In addition, the company also reported the results of MM-002 study on Pomalidomide. The drug appears to have effects in patients who have failed multiple agents, including Revlimid and Velcade,” Auriga said in a note.
