PJ:"ASH expectations low, time to buck the trend" $89 target Outperform
100% right - the expectatioins are so low - the panic is palatable - but yet CELG is still way over the 50s ortigia has predicted 20 times now inaccurately.
Actual news will be infintely better than the expectations.
Piper Jaffray CELGENE $89 target
Biotech - ASH preview = we will be attending the American Society of Hematology conference from December 10-13, where Celgene and Incyte will present updated Phase III data from trials of Revlimid and Jakafi, respectively. We believe expectations heading into the conference for Celgene are low, potentially allowing CELG shares to buck the trend and do well exiting the conference. We expect the focus for Celgene to be on subgroup analysis of the MM-015 trial, specifically ages 65-75, where a statistically significant improvement in progression free survival (PFS) could confirm “trends” toward an overall survival (OS) benefit, despite a crossover trial design. In addition, we expect Phase II data for pomalidomide in refractory multiple myeloma to support an accelerated filing in 1Q12. For Incyte, investor focus remains on Jakafi’s launch. We expect physicians to confirm a desire to use Jakafi, but 1Q12 sales will likely be impacted by the Medicare donut hole.