Citi Maintains 'Buy' on Celgene Corp (CELG), Sell-Off Overdone
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Citi maintains a 'Buy' rating on Celgene (Nasdaq: CELG). Price target $81.
Citi analyst says, "We believe today's sell off due to FDA's new quarterly review of AERS that posts Revlimid as potentially having an association with Stevens Johnson is overdone. We note that 1) AERS cases of Stevens Johnson have been reported since drug launch and this has triggered no FDA action since, 2) Stevens Johnson is already on the label for Thalomid and 3) Revlimid is given to patients with a lifethreatening cancer (Multiple Myeloma). Thus, we would be buyers on any weakness as we do not believe this will affect Revlimid sales."
Celgene Corporation is an integrated biopharmaceutical company. The Company is primarily engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory-related diseases.
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