A CAR-T Win for Celgene (CELG) as Partner bluebird bio Releases 'Highly Promising' Results - Jefferies
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Jefferies analyst Brian Abrahams weighed in on Celgene (NASDAQ: CELG) after partner bluebird bio posted 'highly promising' bb2121 results in multiple myeloma.
Abrahams commented, "Data emerging from BLUE’s bb2121 (CELG-partnered) looks highly promising; though it will need to be replicated in a much broader pop., safety needs to stay clean, and durability and manufacturing/cost feasibility are unknowns with the approach, we believe it provides strong validation for CELG’s anti-BCMA candidates, helps offset recent BD/pipeline skepticism, and supports CELG’s underappreciated, multi-faceted MM life cycle extension strategy. "
The firm maintained a Buy rating and price target of $140 on BLUE.
Shares of Celgene closed at $118.51 yesterday.
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