Leerink Partners Reinitiates Celgene (CELG) at Market Perform

Leerink Partners reinitiates coverage on Celgene (NASDAQ: CELG) with a Market Perform rating and a price target of $129.00.

Analyst Geoffrey Porges commented, "We are resuming coverage of Celgene Corp (CELG) with a Market Perform rating and a price target of $129. Despite the upside to our target, we are taking a “wait and see” approach to the company’s extensive pipeline investments, recent management changes, and diversifying collection of collaborations. The validation of this strategy and the value of the assets will mainly come from Phase II and III trial read outs that are concentrated in 2017. In the meantime the company will need to sort through, prioritize and fund a broad portfolio of assets in sometimes overlapping indications and settings. The company’s near-term operating results are also facing headwinds, from typical early-year seasonality, as well as currency and channel inventory effects."

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 $99.49 yesterday.

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