Jefferies Maintains $68 PT on Celgene Corp.

Jefferies is maintaining its $68 PT on shares of Celgene Corporation CELG. “We had an opportunity to speak to physicians regarding the use of Revlimid maintenance and Abraxane for non-small cell lung carcinoma (NSCLC),” Jefferies writes. “Feedback was highly positive on Revlimid, but mixed for Abraxane. “There was a Sunday myeloma oral abstract session at ASCO, which was partly focused on the question of Revlimid maintenance in light of the signal of second primary malignancies (SPMs). The consensus among the panel during the presentation was unanimously positive on Revlimid's risk-benefit profile. “We also had an opportunity to speak with three other myeloma experts afterwards, who echoed similar support for Revlimid maintenance, although they all acknowledged that optimal duration of therapy remains an unanswered question. We continue to believe that our model reflects a conservative duration of Revlimid therapy at 25 months in the U.S. and 19 months in Europe.” Celgene closed Friday at $59.04.