Baird Positive on Celgene (CELG) As Pancreatic Cancer Drug Shows Promise

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A recent report by Baird suggests big potential for Celgene Corporation's (Nadaq: CELG) Abraxane in pancreatic cancer. Prior to recent Phase III news, 18 percent of physicians identified Abraxane as a promising new treatment strategy for pancreatic cancer, and the numbers were trending positive.

"Bottom line here is given limited current treatment options, and assuming what we expect will be a meaningful OS benefit shown versus Gemzar this January (at ASCO GI), we estimate pancreatic cancer could reasonably be $1B peak revenue opportunity," said analyst Christopher J. Raymond.

Baird has an Outperform rating on Celgene (NASDAQ: CELG) with a price target of $92.00.

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 $78.59 yesterday, with a 52 week range of $58.53-$81.24.

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