Cowen Reiterates Outperform on Celgene (CELG) Following a Soft 3Q

Cowen reiterated an Outperform rating and $150.00 price target on Celgene (NASDAQ: CELG), following the company's 3Q earnings report. Celgene reported non-GAAP EPS of $1.23, slightly beating consensus of $1.21. Revenues of $2.33B compared to consensus of $2.39B. TThe 18% growth in product sales was driven by volume gains, and pricing, offset by Fx.

Analyst Eric Schmidt commented, "Celgene reported Q3 non-GAAP EPS of $1.23 (+27% Y/Y, vs. consensus of $1.21) on revenues of $2.33B (+18% Y/Y, vs. consensus of $2.39B) and mostly reiterated 2015 guidance. We expect CELG shares to outperform based on greater investor appreciation of the company's improved pipeline and longer-term growth potential, upward earnings revisions, and a potential 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 $127.17 yesterday.

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