Dwight Einhorn, Benzinga Staff Writer March 11, 2013 10:10 AM
In a report published Monday, Bank of America reiterated its Buy rating on Celgene Corporation (NASDAQ: CELG [FREE Stock Trend Analysis]), and raised its price target from $113.00 to $127.00.
Bank of America noted, “We are reiterating our Buy rating on CELG and increasing our PO from $113 to $127 following results of a commissioned statistical analysis we completed for CELG's ongoing Revlimid study MM020 in newly diagnosed myeloma. As a reminder, we believe that positive data for MM020 are critical for CELG's prospects of expanding the Revlimid indication from relapsed/refractory to the broader newly diagnosed setting. Based on our findings, we are reversing our bearish stance on the study outcome, and believe there remains an additional 15-20% potential upside to the shares following the recent run up. We see balanced downside risks on a negative outcome.”