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

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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
Jan 2015JMP SecuritiesMaintainsMarket Outperform
Jan 2015BarclaysInitiates Coverage onEqual-weight
Oct 2014CitigroupMaintainsBuy

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