Baird Maintains an 'Outperform' on Celgene (CELG); New Survey Indicates Q211 Abraxane Upside Was No Fluke

Baird maintains an 'Outperform' on Celgene (NASDAQ: CELG) price target of $70.00.

Baird analyst says, "On the heels of an impressive Q211 Abraxane beat ($95M vs. $77M RWB), we highlight fresh Med/Onc survey data showing increased penetration in breast cancer and a receptive market in lung. Combining this feedback with a dwindling generic Taxotere headwind, we are increasingly confident in our above-consensus Abraxane estimates. With our newly published Hem/Onc survey showing a similar resurgence for Revlimid, we think CELG is poised for a strong 2H11. Remain buyers."

For more ratings news on Celgene click here and for the rating history of Celgene click here.

Shares of Celgene closed at $58.34 yesterday.

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