UBS Suggest Buying Celgene (CELG) on Pullback; Key Takeaways From Conference Call
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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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UBS maintains a 'Buy' on Celgene (NASDAQ: CELG) price target lowered from $88 to $85.
Analyst, Matthew Roden, said, "Key takeaways from Celgene’s weak 1Q12
[1] 1Q product sales were soft this quarter, negatively impacted again by inventory drawdown ($30-35m). New to this quarter, PBM consolidation and Japan’s fiscal year-end contributed to Revlimid weakness. [2] We see no change in mgmt’s confidence that it will receive a positive CHMP opinion for the Revlimid front line myeloma filing, which is expected end of 2Q (previously, 2Q approval was expected). [3] Mgmt is confident in Revlimid growth, hence reiterated guidance. [4] Increased granularity around the timing of clinical catalysts for 2012-13."
Cutting FY12 EPS estimate from $4.87 to $4.71 and FY13 from $5.80 to $5.53.
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 $72.92 yesterday.
Analyst, Matthew Roden, said, "Key takeaways from Celgene’s weak 1Q12
[1] 1Q product sales were soft this quarter, negatively impacted again by inventory drawdown ($30-35m). New to this quarter, PBM consolidation and Japan’s fiscal year-end contributed to Revlimid weakness. [2] We see no change in mgmt’s confidence that it will receive a positive CHMP opinion for the Revlimid front line myeloma filing, which is expected end of 2Q (previously, 2Q approval was expected). [3] Mgmt is confident in Revlimid growth, hence reiterated guidance. [4] Increased granularity around the timing of clinical catalysts for 2012-13."
Cutting FY12 EPS estimate from $4.87 to $4.71 and FY13 from $5.80 to $5.53.
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 $72.92 yesterday.
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