Celgene "neutral," target price raised

05/16/05 - Robert W. Baird

NEW YORK, May 16 (newratings.com) - Analysts at Robert W Baird reiterate their "neutral" rating on Celgene Corporation (CELG). The target price has been raised from $38 to $42.

In a research note published this morning, the analysts mention that the company has provided a positive efficacy profile for its Revlimid drug in MDS and multiple myeloma at the ASCO meeting. Revlimid's Phase III multiple myeloma data exhibited healthy response improvement and time-to-progression movement, the analysts say. The current valuation of Celgene's stock warrants the "neutral" rating, Robert W Baird adds.