UPDATE: Stifel Nicolaus Raises PT to $86 on Celgene on Pancreatic Cancer Data

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Stifel Nicolaus reiterated its Buy rating on Celgene (NASDAQ: CELG) and raised its price target from $84 to $86. Stifel Nicolaus noted, "After the close last Friday, CELG announced positive top-line results from the Phase III MPACT trial of Abraxane in front-line pancreatic cancer. … We anticipate Abraxane approval and launch in pancreatic cancer in 2014, and we raise our Abraxane sales estimates conservatively, up $91.8M/$241.2M incrementally in 2014/15, pending details of the actual survival advantage for Abraxane. We expect CELG to file the MPACT data in US, Europe, and other markets in early 2013. Ahead of full clinical results, we model for peak 9% penetration for Abraxane in pancreatic cancer."Celgene closed at $71.50 on Friday.

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