Jefferies Lowers Numbers on Celgene (CELG); Two Possible Pathways
Tweet Send to a FriendGet Alerts CELG Hot Sheet
Price: $123.44 -0.05%
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade CELG Now!
Jefferies maintains a 'Buy' on Celgene (NASDAQ: CELG) price target of $75.00 (from $85.00).
Analyst, Thomas Wei, said, "CELG announced that it has withdrawn its EU filing for front-line Revlimid. CELG noted the decision was based on EU regulator concerns that Revlimid could have negative effect on survival due to second primary malignancies (SPMs). We remain encouraged though by the management’s characterization of the pathways to approval, and we would be buyers on weakness."
"Our Take: Two Possible Pathways Could Lead To EU Front-Line Launch In
2014-2015. We do not believe CELG needs to show a significant OS benefit in the IFM or MM-015 trials, but only observe a sufficient number of events to ensure that Revlimid is not associated with a negative impact on survival. In effect, we believe the most convincing argument may be some statistical analysis showing that the lower bound of the 95% confidence interval for the OS hazard ratio falls above a certain threshold, which should be just a matter of time and accruing sufficient events. We see this as a much lower risk hurdle than needing to demonstrate an outright overall survival benefit."
FY12 EPS estimtae lowered from $4.94 to $4.81 and FY13 from $5.05 to $4.36.
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 $59.45 yesterday, with a 52 week range of $51.70-$80.42.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Thomas Wei, said, "CELG announced that it has withdrawn its EU filing for front-line Revlimid. CELG noted the decision was based on EU regulator concerns that Revlimid could have negative effect on survival due to second primary malignancies (SPMs). We remain encouraged though by the management’s characterization of the pathways to approval, and we would be buyers on weakness."
"Our Take: Two Possible Pathways Could Lead To EU Front-Line Launch In
2014-2015. We do not believe CELG needs to show a significant OS benefit in the IFM or MM-015 trials, but only observe a sufficient number of events to ensure that Revlimid is not associated with a negative impact on survival. In effect, we believe the most convincing argument may be some statistical analysis showing that the lower bound of the 95% confidence interval for the OS hazard ratio falls above a certain threshold, which should be just a matter of time and accruing sufficient events. We see this as a much lower risk hurdle than needing to demonstrate an outright overall survival benefit."
FY12 EPS estimtae lowered from $4.94 to $4.81 and FY13 from $5.05 to $4.36.
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 $59.45 yesterday, with a 52 week range of $51.70-$80.42.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- KeyBank Upgrades MDC Holdings (MDC); Cuts PulteGroup (PHM) & Ryland Group (RYL)
- Signs of Solid Q2 at American Eagle (AEO) - Analyst
- The ExOne Company (XONE) Metal Opportunity to Keep Stock Going - FBR
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Jefferies & Co
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
