Celgene (CELG): Mongersen Phase II Preview - BMO
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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.
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