Jefferies Maintains Rating, PT On CELG

Jefferies is maintaining its Buy rating and its $68 price target on Celgene Corp. CELG in advance of a full update of its IFM study, to be released this Thursday. Says Jefferies, in its report, “We believe the updated count of second primary malignancies (SPMs) in the French IFM study of Revlimid front-line maintenance stands at 20 for Revlimid vs. 4 for placebo (previously 20-3). We also have heard that 3-4 of the 6 Revlimid patients who developed B-cell malignancies received a double transplant, a potential positive in the SPM debate. We continue to believe the risk-benefit of Revlimid maintenance remains favorable.” CELG closed Friday at $58.88.