Celgene (CELG): Clinical and Endoscopic Mongersen Data Is Competitive - BMO
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BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on shares of Celgene (NASDAQ: CELG) ahead of Chron's data to be presented tomorrow.
The analyst noted that results from the CD-001 Phase Ib trial confirmed endoscopic improvement and clinical remission rates are competitive with marketed biologics and orals in development (i.e., GILD/GLPG filgotinib). He takes this one step further and suggests that the strength of the data should start to put to rest investor debate on size of the mongersen opportunity, (BMO >$4bn in Crohn's and UC) and enable CELG shares to trade higher.
Full data will be presented at UEGW (Abstract LB16, Tuesday, 10/18/2016, 6:27am EDT).
No change to the price target of $141.
Shares of Celgene closed at $98.50 yesterday.
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