Market Overview

UPDATE: Oppenheimer Holdings Downgrades Celgene Corporation to Perform, Removes PT

Share:
Related CELG
These Companies Probably Won't Be Acquiring Ariad Pharmaceuticals
Phase II Data for Apremilast in Behçet's Disease Published in The New England Journal of Medicine

In a report published Monday, Oppenheimer Holdings downgraded its rating on Celgene Corporation (NASDAQ: CELG) from Outperform to Perform, and removed its $77.00 price target.

Oppenheimer noted, “We are downgrading Celgene from Outperform to Perform and removing our $77 price target. We believe that the company is trading in line with its peers (15x our 2014E GAAP EPS of $5.36). Although we estimate Revlimid will grow 14%/yr over the next three years, we believe that Celgene is likely to make several substantial acquisitions over the next 1-2 years in order to extend top-line growth beyond Revlimid. We analyzed Celgene's acquisitions of Pharmion, Abraxis, and Gloucester and came to the conclusion that these acquisitions had limited, if any, return based on the acquisition price. Given the recent strong performance for the entire biotech sector, we believe that it will be more difficult for Celgene to find good acquisitions.”

Celgene Corporation closed on Friday at $78.42.

Latest Ratings for CELG

DateFirmActionFromTo
Feb 2015JefferiesMaintainsBuy
Jan 2015CitigroupMaintainsBuy
Jan 2015Deutsche BankMaintainsBuy

View More Analyst Ratings for CELG
View the Latest Analyst Ratings

Posted-In: Oppenheimer HoldingsAnalyst Color Downgrades Analyst Ratings

 

Related Articles (CELG)

Around the Web, We're Loving...

Get Benzinga's Newsletters