Celgene's (CELG) GED-0301 Receives Positive Feedback from Docs - RBC

RBC Capital maintained an Outperform rating on Celgene (NASDAQ: CELG) with a price target of $115. Analyst Michael J. Yee said doctor feedback at the UEG conference supports a positive outlook for GED-0301 in Crohn’s disease.

"We are attending the UEG conference here in Europe and talked with a number of physician experts on their impressions of the just presented Phase II GED-0301 data," said Yee. "The bottom line is they are quite optimistic and enthusiastic on the potential of an oral drug to treat these Crohn's disease patients over time since options are limited with only modest response rates and durability."

"Thus we expect our positive thesis to play out and stock higher based on 1) analysts will need to start adding a probability adjusted blockbuster into models (we already have some revenues in our 2020 model) 2) Phase 3 will have data in 2016 or so and it matters as a late-stage data readout, 3) it increases visibility on long term growth which is where CELG could double earnings by 2020 (we have written we are at $10 in 2020 already)," he added.

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 $92.00 yesterday.

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