Celgene upgraded to "outperform" - update

05/01/06 - Bear Stearns

NEW YORK, May 1 (newratings.com) - Analyst Akhtar Samad of Bear Stearns upgrades Celgene Corporation (CELG) from "peer perform" to "outperform." The target price is set to $52.

In a research note published on April 28, the analyst mentions that the upgrade in the rating is based on the robust sales of Revlimid during 1Q. Continued strength in Revlimid sales and positive news flow regarding the use of the drug in multiple myeloma and MDS are likely to lend an upside to Celgene’s share price going forward, the analyst says. Bear Stearns also expresses its optimism regarding the presentations by the company on Thalomid/Revlimid at the forthcoming ASCO meeting in June.