Celgene "neutral weight," estimates reduced

03/19/07 - Prudential Financial

NEW YORK, March 19 (newratings.com) - Analyst Jason Zhang of Prudential Financial maintains his "neutral weight" rating on Celgene Corp (CELG), while reducing his estimates for the company. The target price is set to $51.

In a research note published this morning, the analyst mentions that the 2007 sales estimate for Revlimid has been reduced from $911 million to $828 million. The analyst expects Revlimid to be approved in multiple myeloma in mid-2007, with the majority of sales in 2H07. The EPS estimate for 2007 has been reduced from $0.99 to $0.98.