UPDATE: UBS Downgrades Celgene (CELG) to Neutral: Taking Some Off The Table

September 10, 2012 8:19 AM EDT Send to a Friend
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Price: $92.19 -1.77%

Rating Summary:
    22 Buy, 8 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 25 | New: 14
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(Updated - September 10, 2012 12:26 PM EDT)

UBS downgraded Celgene (NASDAQ: CELG) from Buy to Neutral. PT raised $2 to $80.

Analyst, Matthew Roden, said, "CELG shares are up 27% since Revlimid was not approved in the EU (S&P: +8%), at which time we argued upcoming apremilast data represented a catalyst for re-rating. That having played out, we see the risk-reward as more balanced at current levels, and view CELG as a stock we’d rather add on pullbacks, such as those created from the second cancer controversy or the Revlimid EU non-approval. See our accompanying industry note for our updated views on the sector."

FY13 EPS estimate lowered from $5.53 to $5.46.

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 $75.44 yesterday.

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