Celgene (CELG): Possible Deal For EngMab - Jefferies
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Jefferies analyst, Brian Abrahams, reiterated his Buy rating on shares of Celgene (NASDAQ: CELG) and believes that there is evidence CELG is pursuing a deal (acquisition or partnership) w/ a pvt co, EngMab--whose bispecifics could provide an off-the-shelf, more broadly-applicable modality to hit BCMA (vs. CAR-T) and enable CELG to enter the emerging MM Ab space after having been late to the game on CD38s.
The analyst believes CELG’s high sustainable growth, driven by a strong base business, deep pipeline, and proactive BD, is underappreciated. No change to the price target of $137.
Shares of Celgene closed at $107.35 yesterday.
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