Investment analysts at Jefferies Group lifted their target price on shares of Celgene (NASDAQ: CELG) from $75.00 to $80.00 in a note issued to investors on Friday.
The analysts wrote, “CELG beat 2Q estimates for Revlimid sales and increased 2012 EPS guidance. We remain confident in the long-term prospects for Revlimid driven by maintenance duration and new indications. We are raising our price target from $75 to $80.”
Shares of Celgene traded up 4.61% during mid-day trading on Friday, hitting $70.60. Celgene has a 52 week low of $51.70 and a 52 week high of $80.42. The company has a market cap of $31.099 billion and a P/E ratio of 21.01.
Celgene last announced its earnings results on Thursday, July 26th. The company reported $1.22 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.19 by $0.03. Celgene’s revenue was up 15.5% compared to the same quarter last year. On average, analysts predict that Celgene will post $4.82 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on CELG. Analysts at Rodman & Renshaw raised their price target on shares of Celgene from $76.00 to $79.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Robert W. Baird reiterated an “outperform” rating on shares of Celgene in a research note to investors on Thursday, July 12th.
Celgene Corporation is a global biopharmaceutical company engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.
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