Celgene (CELG): Reiterating Buy On Improved Outlook For Chron's Therapy - BMO

September 12, 2016 9:16 AM EDT
Get Alerts CELG Hot Sheet
Price: $97.63 -0.45%

Rating Summary:
    28 Buy, 8 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 23 | New: 30
Trade CELG Now!
Join SI Premium – FREE

Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.

BMO Capital analyst, M. Ian Somaiya reiterated his Outperform rating on shares of Celgene (NASDAQ: CELG) after the company announced that a proportion of patients treated with mongersen showed endoscopic improvement (25% improvement from baseline, which correlates with mucosal healing), as well as clinical response and remission, across all treatment groups.

The analyst believes this data should allow shares to begin reflecting the drug’s $4bn potential in Crohn's disease ($2.4bn 50% risk adjusted in the model). The analyst expects full 12 week data to be presented at United European Gastroenterology Week (October 15-19) to demonstrate CDAI benefit (P3 primary endpoint) in line with IGON-1 P2 trial and endoscopic improvement correlated with therapy duration.

No change to the price target of $141.

For an analyst ratings summary and ratings history on Celgene click here. For more ratings news on Celgene click here.

Shares of Celgene closed at $104.47 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments

Related Entities

BMO Capital

Add Your Comment