Market Overview

UPDATE: Morgan Stanley Raises PT to $83 on Celgene on Abraxane-Driven Growth Outlook

Related CELG
US Stock Futures Flat; All Eyes On FOMC Decision
Deutsche Bank Is Bullish On Gilead Sciences, Inc. And Other Biotech Stocks
Yellen Swats Down Biotech, Social Media Stocks (Fox Business)

Morgan Stanley reiterated its Overweight rating on Celgene (NASDAQ: CELG) and raised its price target from $81 to $83.

Morgan Stanley commented, "Details are scant prior to an ASCO GI data presentation (1/24-26) but we are optimistic about a clinically relevant ~1.5-2 month or better median OS benefit. For the stock, this outcome is important as Abraxane with pomalidomide and apremilast can provide much needed growth diversification away from Revlimid. … Incorporating Abraxane in pancreatic cancer into our model with ~$700MM in 2020 revenue pending the detailed Phase III data and our price target rises to $83 from $81. We assume modest off-label use in the US (already compendia listed) begins in 2013."

Celgene closed at $71.50 on Friday.

Latest Ratings for CELG

DateFirmActionFromTo
Sep 2014Cantor FitzgeraldMaintainsBuy
Sep 2014SunTrust Robinson HumphreyInitiates Coverage on
Jul 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for CELG
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (CELG)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters