Friday December 21, 04:33 PM
Celgene "outperform," target price reduced
NEW YORK, December 21 (newratings.com) - Analyst M Aberman of Credit Suisse reiterate his "outperform" rating on Celgene Corp (NASDAQ: CELG - news)
(ticker: CELG (CGOS3.SA - news) ). The target price has been reduced from $73 to $65.
In a research note published this morning, the analyst mentions that Celgene's market value has shrunk by $10 billion over the past couple of months and especially after the presentation of Velcade data. The analyst believes that Celgene's Revlimid will ultimately gain a majority share of the front line treatment of myeloma, given the drug's efficacy, convenient dosage and manageable side effects. The market seems to be overestimating the impact of the VISTA data on Revlimid's sales potential, according to Credit Suisse. The company's Revlimid sales are expected to meet or exceed the lowered estimates for 2008, the analyst adds.
© 2007 New Ratings
Click here for more articles from NewRatings.com
|
|
|
Send Article by Email
