Celgene (CELG): Clinical CELMoD Data Creates LT Optionality - BMO

BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on Celgene (NASDAQ: CELG) after the company unveiled clinical data from its CELMoD pipeline, showcasing its expertise in protein homeostasis.

The near-term impact on CELG shares is expected to be limited but the pipeline optionality from 2020-30 could be meaningful. Promising early clinical results from ongoing trials of CC-122 in DLBCL and CC-220 in Lupus highlighted the company’s knowledge of Cereblon and the use of biomarker and PD data to drive efficacy.

The analyst believes CC-220 could be ideally suited for myeloma but the drug’s success in an ongoing lupus trial could also lead to Celgene pursuing a back-up compound.

No change to the price target of $141.

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 $102.77 yesterday.

You May Also Be Interested In

• Goldman Sachs Downgrades Ulvac Inc (6728:JP) (ULVAF) to Sell
• American Healthcare REIT (AHR) PT Raised to $65 at Citizens on SHOP/RIDEA NOI Growth
• BofA Securities Downgrades Nestle SA (NESN:SW) (NSRGY) to Neutral