UPDATE: Piper Jaffray Upgrades Celgene (CELG) to Overweight

Piper Jaffray upgraded Celgene (NASDAQ: CELG) from Neutral to Overweight.

Analyst Joshua E. Schimmer said, "CELG shares have lagged over the past few months, lately as part of a sluggish biotech tape. We believe the valuation now reflects a conservative 2024 Revlimid patent expiry and excludes meaningful contribution from the advancing pipeline. As such, we are less concerned with Revlimid's May 15 Markman hearing outcome for the Revlimid polymorph patents since we believe a settlement somewhere between the method of use (2024) and polymorph (2027) dates is the most likely outcome regardless. Such a settlement could come this year and act as a potent catalyst to lift shares out of their doldrums. CELG is attuned to delivering shareholder value and we believe will fight aggressively to lift the Revlimid polymorph patent overhang and deliver sustainable EPS growth."

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 $141.25 yesterday.

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