Celgene (CELG) Q1 'Strong' in Seasonally Weak Quarter, BMO Capital Says

BMO Capital analyst Jim Birchenough reiterated his Outperform rating and $163 price target on Celgene (NASDAQ: CELG) following Q1 result which he called "solid" despite seasonal headwinds.

Birchenough commented, "We are‎ reiterating our Outperform rating on the shares of CELG following review of 1Q15 results. Overall, results were strong relative to what has been a seasonally weak quarter historically and should establish a base for above-consensus growth for the balance of 2015. With guidance reaffirmed for 2015 we see significant opportunity for accelerating growth beyond 2015 and would highlight recent REVLIMID label expansion for newly diagnosed myeloma in Europe, continued expansion of market share, and dosing duration and prospects for a comparable opportunity in follicular lymphoma with positive data expected at ASCO in June 2015. We continue to view CELG's pipeline as the deepest in large-cap biotech and see upside to long-term 2020 guidance to programs in immunology, cancer, and immuno-oncology in particular."

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 $113.20 yesterday.

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