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Analyst: Celgene On Road To Recovery

Mon, 09/21/2009 - 4:45am
NEW YORK (AP) — Celgene Corp. shares could stage a recovery by the end of this year due to increased use of the cancer drug Revlimid, said a Robert W. Baird analyst who upgraded the stock Monday. Christopher Raymond said more doctors are treating their patients with Revlimid on its own and in combination with another drug, Johnson & Johnson's Velcade. Revlimid, which treats multiple myeloma, non-Hodgkin's lymphoma and chronic lymphocytic leukemia, is also gaining acceptance as a maintenance treatment, he said. The analyst said sales could rise further after Celgene reports new clinical trial data in December. Raymond upgraded the shares to "Outperform" from "Neutral," and raised his price target to $65 per share from $57. He said the stock price looks fair because Celgene has the strongest short-term growth prospects in the biotechnology field. Shares of the Summit, N.J., company finished at $52.54 on Friday. Raymond's new price target implies growth of 23.7 percent.
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