Citadel Securities Starts Celgene (CELG) at Neutral, Believes Shares Are Fairly Valued
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Price: $108.24 --0%
Rating Summary:
7 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Citadel Securities initiates coverage on shares of Celgene (NASDAQ: CELG) with a Neutral rating and $58 price target.
The firm believes that shares are currently fairly valued given a potential deceleration in Revlimid revenues; a potential treatment duration limit for Revlimid in newly diagnosed MM and maintenance therapy of between 12 and 24 months in Europe; its expectation that the FDA will not approve Abraxane in NSCLC based on the drug’s failure to demonstrate a statistically significant benefit in progression-free survival versus solvent-based paclitaxel; and the upcoming U.S. launch of generic Vidaza, which the firm believes may not be meaningfully offset by ex-U.S. revenues.
Citadel is issuing its 2011 and 2012 EPS estimates at $3.35 and $4.08 and its revenue estimates at $4,554 million and $4,768 million.
For more ratings news on Celgene click here and for the rating history of Celgene click here.
Shares of Celgene closed at $55.90 yesterday.
The firm believes that shares are currently fairly valued given a potential deceleration in Revlimid revenues; a potential treatment duration limit for Revlimid in newly diagnosed MM and maintenance therapy of between 12 and 24 months in Europe; its expectation that the FDA will not approve Abraxane in NSCLC based on the drug’s failure to demonstrate a statistically significant benefit in progression-free survival versus solvent-based paclitaxel; and the upcoming U.S. launch of generic Vidaza, which the firm believes may not be meaningfully offset by ex-U.S. revenues.
Citadel is issuing its 2011 and 2012 EPS estimates at $3.35 and $4.08 and its revenue estimates at $4,554 million and $4,768 million.
For more ratings news on Celgene click here and for the rating history of Celgene click here.
Shares of Celgene closed at $55.90 yesterday.
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