UPDATE: Piper Jaffray Upgrades Celgene Corporation to Overweight on Reduced Revlimid Reliance

Piper Jaffray upgraded Celgene Corporation CELG from Neutral to Overweight and raised the price target from $86.00 to $111.00. Piper Jaffray noted, "We are upgrading CELG to Overweight from Neutral following positive top-line data from the Apremilast Phase III psoriasis studies and new 2017 guidance that supports a 25% annual EPS growth. We expect the streak of successful clinical studies and milestones, including Apremilast (psoriatic arthritis, psoriasis), Abraxane (lung cancer approval, melanoma, pancreatic), and pomalidomide (myeloma), to translate to meaningful top-line growth, lowering CELG's reliance on Revlimid performance." Celgene Corporation closed at $85.73 on Monday.