Celgene (NASDAQ: CELG) was upgraded by equities researchers at Deutsche Bank from a “hold” rating to a “buy” rating in a report issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $143.00 target price on the stock, up from their previous target price of $105.00.
The analysts wrote, “Although we were concerned about Revlimid being the sole driver, we have warmed to revenue diversification with Abraxane & Pomalyst. Apremilast, being developed for psoriasis & psoriatic arthritis (PsA), is really the one asset where consensus expectations are below co. guidance. We too were somewhat concerned after initial checks on Apremilast. However, after a further survey of 100 dermatologists & rheumatologists, who suggest Apremilast is a blockbuster, we are encouraged. This result, with the revenue diversification, prompts us to upgrade to Buy & $143 TP.”
Celgene (NASDAQ: CELG) opened at 115.95 on Friday. Celgene has a 1-year low of $58.53 and a 1-year high of $118.78. The stock’s 50-day moving average is currently $108.8. The company has a market cap of $48.553 billion and a price-to-earnings ratio of 35.14.
Celgene (NASDAQ: CELG) last posted its quarterly earnings results on Thursday, January 24th. The company reported $1.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.31 by $0.01. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter last year, the company posted $1.05 earnings per share. Celgene’s revenue was up 14.0% compared to the same quarter last year. Celgene has set its FY13 guidance at $5.50-5.60 EPS. Analysts expect that Celgene will post $5.68 EPS for the current fiscal year.
A number of other firms have also recently commented on CELG. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Celgene in a research note to investors on Thursday. They now have a $125.00 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Celgene in a research note to investors on Monday. Finally, analysts at Piper Jaffray reiterated an “overweight” rating on shares of Celgene in a research note to investors on Wednesday, March 27th. They now have a $126.00 price target on the stock.
Eight research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. Celgene currently has a consensus rating of “Buy” and a consensus price target of $109.93.
Celgene Corporation is a global biopharmaceutical company engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.