Celgene (CELG) Bullish Stance Reiterated at Cowen Following Drug Price Hikes

Cowen analyst Eric Schmidt reiterated an Outperform rating and $146 price target on Celgene (NASDAQ: CELG) after the company raised the price of Revlimid (3%), Pomalyst (3%), and Otezla (10%).

Schmidt commented, "We estimate these increases will contribute approximately $50MM to CELG's top line and $0.05 to EPS in 2015. Trading at 19x 2016E EPS, we view CELG shares as attractive and expect the stock to outperform on upward earnings revisions, growing optimism toward GED-0301, and a possible late 2015 Revlimid patent settlement."

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 $118.81 yesterday.

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