Color on Baird's Upgrade of Celgene (CELG)
Robert W. Baird upgrades Celgene Corp. (Nasdaq: CELG) from Neutral to Outperform and raises its price target from $65 to $66.
After more than 4 years on the sidelines, the firm says it finally believes that shares of Celgene offer an attractive risk/reward profile. The firm still sees longer-term performance-versus-expectation concerns at Celgene, but feels that market turmoil has created a buying opportunity.
The firm sees several factors that could create upside in shares of Celgene:
- recent data shows Velcade gaining traction, as well as showing continued Revlimid growth. Additionally, the firm believes Revlimid's sales could top its Q3 estimates of $345 million given strong script trends and anticipated European Union uptake.
- Baird sees large-cap biotech leading a broader market recovery as estimates are low and valuations are near historical trough levels.
- physicians view Celgene's Revlimid as one of the most promising new NHL therapies. The firm believes full data on Revlimid presented at ASH could provide the stock with a year-end boost.
Celgene Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of innovative therapies to treat cancer and immune-inflammatory related diseases in Europe and the United States.
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