UPDATE: Morgan Stanley Reiterates On Celgene Ahead Of Markman Hearing

Benzinga

In a report published Monday, Morgan Stanley analyst Matthew Harrison reiterated an Equal-Weight rating on Celgene (NASDAQ: CELG), but removed the $150.00 price target.

In the report, Morgan Stanley noted, “The Markman hearing's main purpose is for Celgene and Natco (the generic filer) to present their arguments on disputed claims in Revlimid's patents (e.g., the def. of hemihydrate). There are 9 broad areas of claims in dispute (see inside for detailed analysis of each claim). Importantly, there will be no ruling or decision at the Markman hearing.

"We would expect the Judge (Susan Wigenton) not to rule until the fall (while there is no set timeline for a ruling, rulings generally take ~3 months). We would expect the patent trial to begin in 2015.”

Celgene closed on Friday at $146.67.

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