Celgene (CELG) Bullish Stance Reiterated at BMO Capital Amid OTEZLA Approval for PsO

BMO Capital analyst Jim Birchenough reiterated an Outperform rating and $115 price target on Celgene (NASDAQ: CELG) after the FDA approved the company's oral PDE4 inhibitor OTEZLA (apremilast) for the treatment of patients with moderate to severe plaque psoriasis for whom phototherapy or systemic therapy is appropriate.

Birchenough commented, "Approval was expected although we continue to expect an upside surprise to commercial performance and ultimate peak sales. With an estimated 1.5M patients with moderate-severe plaque psoriasis in the US alone, we believe that oral administration and unparalleled safety will differentiate from anti-TNFs, like AMGNs ENBREL, and support broad adoption. ‎We estimate OTEZLA peak sales at $2.14B and would ascribe an incremental NPV of ~$4/share to approval for PsO/"

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 $93.12 yesterday.

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