Oppenheimer raises Celgene target to $168 on ‘highly positive’ study

Oppenheimer analyst Leah Rush Cann raised her price 12- to 18-month price target for shares of Celgene (CELG) to $168 from $163 citing the “highly positive” Radiance trial results. The stock in midday trading is up 2% to $100.00. The study, evaluating the efficacy and safety of Ozanimod versus a first-line treatment, Biogen’s (BIIB) Avonex, in patients with relapsing multiple sclerosis met primary and secondary endpoints with “highly positive and significant results,” and serious adverse events were reported to be low and similar across all treatment arms, Cann tells investors in a research note. The analyst is now including “modest” estimated sales of Ozanimod in multiple sclerosis starting in 2019. She keeps an Outperform rating on Celgene.