Celgene (CELG): Clinical CELMoD Data Creates LT Optionality - BMO
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BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on Celgene (NASDAQ: CELG) after the company unveiled clinical data from its CELMoD pipeline, showcasing its expertise in protein homeostasis.
The near-term impact on CELG shares is expected to be limited but the pipeline optionality from 2020-30 could be meaningful. Promising early clinical results from ongoing trials of CC-122 in DLBCL and CC-220 in Lupus highlighted the company’s knowledge of Cereblon and the use of biomarker and PD data to drive efficacy.
The analyst believes CC-220 could be ideally suited for myeloma but the drug’s success in an ongoing lupus trial could also lead to Celgene pursuing a back-up compound.
No change to the price target of $141.
Shares of Celgene closed at $102.77 yesterday.
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