UPDATE: Morgan Stanley Raises PT to $83 on Celgene on Abraxane-Driven Growth Outlook
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
|Nov 2016||Oppenheimer||Initiates Coverage On||Outperform|
|Nov 2016||Standpoint Research||Downgrades||Buy||Hold|
|Nov 2016||Mizuho||Initiates Coverage On||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.