Celgene (CELG): Reiterating Buy On Improved Outlook For Chron's Therapy - BMO
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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.
Shares of Celgene closed at $104.47 yesterday.
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