Celgene (CELG): Mongersen Phase II Preview - BMO
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on shares of Celgene (NASDAQ: CELG) along with the price target of $141. The analyst expects upcoming Mongersen endoscopic response data from the CD-001 P2 trial to represent a clearing event for CELG shares. Investors have been reluctant to get in front of the data given limited correlation between CDAI and endoscopy measures and complex comparison to biologics' studies, which used different endpoints / responder analyses vs. CELG guiding to 25% benefit at 12W in SESCD.
For shares to move higher, the trial needs to demonstrate CDAI benefit (P3 primary endpoint) in line with IGON-1 P2 trial and endoscopic improvement correlated with therapy duration.
Shares of Celgene closed at $112.16 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Celgene (CELG) Tops Q3 EPS by 10c; Boosts FY16 EPS Outlook
- Jefferies Raises Price Target as Cheesecake Factory (CAKE) Posts 3Q Beat
- Jefferies Cuts Price Target on VCA Antech (WOOF) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesBMO Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!