UBS Maintains a 'Buy' on Celgene (CELG); Tough Scenario, but NPV Still Supportive
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Price: $124.91 +1.16%
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CELG Now!
UBS maintains a 'Buy' on Celgene (NASDAQ: CELG) price target of $78.00 (from $85.00).
Analyst, Matthew Roden, said, "We are lowering Revlimid numbers as we remove EU maintenance from our model, as we are skeptical of near-mid term approval in this setting. However, we see clearly favorable riskreward in CELG shares overall at these levels given (1) very low expectations for near term apremilast data, (2) lower risk to accelerated approval of pomalidomide, and upside to pom fore casts (UBSe 2015 $712m vs. cons $360m), and (3) upside to Revlimid front-line market share through use of CRd (carfilzomib-Revlimid-dex) after impressive ASCO complete response data."
For UBS, the current multiple implies limited downside from here, and notes the company's growth profile. CELG is now trading at 10.8c UBS's new 2013 PES ($5.52 from $5.58), despite its 23% 4-yr EPS CAGR, which UBS analyst finds attractive relative to biotech comps and the pharma group (13x and 12x)
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.
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Analyst, Matthew Roden, said, "We are lowering Revlimid numbers as we remove EU maintenance from our model, as we are skeptical of near-mid term approval in this setting. However, we see clearly favorable riskreward in CELG shares overall at these levels given (1) very low expectations for near term apremilast data, (2) lower risk to accelerated approval of pomalidomide, and upside to pom fore casts (UBSe 2015 $712m vs. cons $360m), and (3) upside to Revlimid front-line market share through use of CRd (carfilzomib-Revlimid-dex) after impressive ASCO complete response data."
For UBS, the current multiple implies limited downside from here, and notes the company's growth profile. CELG is now trading at 10.8c UBS's new 2013 PES ($5.52 from $5.58), despite its 23% 4-yr EPS CAGR, which UBS analyst finds attractive relative to biotech comps and the pharma group (13x and 12x)
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.
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