Company

Bank

Analyst

Coverage

Opinion

Wk chg

6/22 cls

Celgene Corp. (NASDAQ:CELG)

Baird

Christopher Raymond

Price target

Outperform

-7%

$61.63

Barclays Capital

Ying Huang

Price target

Overweight

Jefferies

Thomas Wei

Price target

Buy

RBC Capital Markets

Michael Yee

Downgrade

Sector perform (from outperform)

Summer Street

Carol Werther

Price target

Buy

Raymond lowered his target to $78 from $81 after Celgene withdrew a European application to extend the label for Revlimid lenalidomide to include front-line maintenance treatment for multiple myeloma (MM) (see "Buy on Softness," A17). He lowered his Revlimid sales estimates to $3.78B from $3.81B for 2012 and to $4.26B from $4.41B for 2013. Revlimid, a thalidomide analog, is approved in Europe in combination with dexamethasone to treat MM patients who have received at least one prior therapy.

Huang lowered his target to $74 from $83 on the regulatory setback. He noted that there is "no clarity" on when the long-term follow-up data from Celgene's ongoing Revlimid trials will be mature enough for CHMP to make a benefit-risk decision for the MM drug for maintenance therapy.