Citadel Securities Reiterates an 'Edge Negative' on Celgene (CELG); Istodax Represents Small Market Opportunity
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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 reiterates an 'Edge Negative' on Celgene (NASDAQ: CELG), PT $47.
Citadel analyst says, "Istodax Approval Neutral; Not Financially Meaningful, In Our View - We view the FDA's approval of CELG's Istodax for the second-line treatment of peripheral T-cell lymphoma (PTCL) as neutral. We believe Istodax represents a small market opportunity for CELG given the relatively small patient population (approximately 22,000 in the U.S.) and the difficulty in diagnosing PTCL."
"We see a very small revenue opportunity for Istodax in PTCL. As such, we currently model combined PTCL and CTCL 2011 U.S. revenues of $30.4MM, reaching a peak of $107.4MM by 2016. Notably, the main patent protecting Istodax is set to expire on July 6, 2011, leaving only orphan drug exclusivity as the barrier to generic entry. Orphan drug exclusivity for CTCL expires in November 2016, and for PTCL in June 2018."
For more ratings news on Celgene click here and for the rating history of Celgene click here.
Shares of Celgene closed at $57.83 yesterday.
Citadel analyst says, "Istodax Approval Neutral; Not Financially Meaningful, In Our View - We view the FDA's approval of CELG's Istodax for the second-line treatment of peripheral T-cell lymphoma (PTCL) as neutral. We believe Istodax represents a small market opportunity for CELG given the relatively small patient population (approximately 22,000 in the U.S.) and the difficulty in diagnosing PTCL."
"We see a very small revenue opportunity for Istodax in PTCL. As such, we currently model combined PTCL and CTCL 2011 U.S. revenues of $30.4MM, reaching a peak of $107.4MM by 2016. Notably, the main patent protecting Istodax is set to expire on July 6, 2011, leaving only orphan drug exclusivity as the barrier to generic entry. Orphan drug exclusivity for CTCL expires in November 2016, and for PTCL in June 2018."
For more ratings news on Celgene click here and for the rating history of Celgene click here.
Shares of Celgene closed at $57.83 yesterday.
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