BioCentury on BioBusiness,
Analyst Picks & Changes
Analyst picks & changes
Published on
Monday, January 14, 2013
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Company
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Bank
|
Analyst
|
Coverage
|
Opinion
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Wk
chg
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1/11
cls
|
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Celgene
Corp. (NASDAQ:CELG)
|
Barclays
Capital
|
Ying
Huang
|
Price
target
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Overweight
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17%
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$96.30
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|
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BMO
Capital Markets
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Jim
Birchenough
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Price
target
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Outperform
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|
|
|
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Jefferies
|
Thomas
Wei
|
Price
target
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Buy
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|
|
|
|
Stifel
Nicolaus Weisel
|
Joel
Sendek
|
New
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Buy
|
|
|
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Huang
raised his target to $94 from $87 after Celgene announced preliminary 2012
revenues of $5.5B and adjusted EPS of about $4.90, in line with consensus
estimates of $5.5B in revenues and an EPS of $4.89. Celgene also said sales
of multiple myeloma drug Revlimid lenalidomide exceeded $1B, also in line
with consensus. The big biotech said it is targeting $12B in net product
sales in 2017. Additionally, it reported that twice-daily apremilast met the
primary endpoint in the Phase III ESTEEM 1 and ESTEEM 2 trials to treat
moderate to severe plaque psoriasis. Celgene plans to submit an NDA to FDA
this quarter for the oral phosphodiesterase-4 (PDE-4) inhibitor to treat
psoriatic arthritis and an sNDA next half for psoriasis. The company plans to
submit a combined MAA to EMA for both indications next half (see B24).
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