Baird Reiterates an 'Outperform' on Celgene (CELG); New Med/Onc Survey Indicates Abraxane Strength Should Continue in Q411

Baird reiterates an 'Outperform' on Celgene (NASDAQ: CELG) price target of $76.00.

Baird analyst says, "With Abraxane having posted two consecutive outsized quarterly beats - both with 20%+ Q-Q growth, we believe - based on new survey data highlighted herein, and given that consensus models a flat Q411 - another nice beat could be in store for Abraxane. Combining this with our recently published Hem/Onc survey showing similarly strong trends for Revlimid, we think another nice quarterly beat could be in store when CELG pre-releases Q411 numbers next week."

Other Key Highlights Include: 1) Beginning to dominate first-line metastatic breast cancer (MBC); 2) Combination with Herceptin growing; 3) Use in lung now measurable; and 4) Anticipate Abraxane upside for Q411.

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 $67.92 yesterday.

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