Celgene (CELG): Relevance Fails, PT Drops To $147 - BMO

BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on shares of Celgene (NASDAQ: CELG) but cut his PT to $147 from $153 after the RELEVANCE trial failed on Superiority.

The analyst stated "RELEVANCE was an ambitious trial given effectiveness of Rituxan +
CHOP in 1L follicular lymphoma. As a result, we believe it offers little read-through
to AUGMENT." Additionally, he believes that Celgene 2020 Revlimid sales guidance of $15.4-16.1bn is not at risk given management commentary on 3Q17 earnings which suggested FL revenues (both 1L and R/R) were included in guidance on a risk-adjusted basis.

No change to the price target of $147.

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 $107.88 yesterday.

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