Celgene (CELG): Reiterate Buy Ahead of Binary Event - Jefferies
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Jefferies analyst, Brian Abrahams, reiterated his Buy rating on shares of Celgene (NASDAQ: CELG) ahead of GED-0301 data which will provide critical insights into the viability of the program. The analyst believes CELG will provide top-line data from the GED-0301 endoscopy study in Crohn's Aug/Sept and present full data at UEGW or a later 4Q medical mtg. The analyst expects the data to be a "binary" event for the program, as physician consultants note an improvement on the endoscopy score would not only provide more concrete evidence of '0301's activity following strong ph.II symptomatic benefits, but as an endpoint in itself necessary for a new Crohn's drug to be accepted by regulators and providers.
No change to the price target of $137.00.
Shares of Celgene closed at $113.63 yesterday.
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