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Celgene (CELG) continues rally after FDA approval of psoriasis drug.
Shares of drug maker Celgene (CELG) are climbing for a second day after the company announced yesterday that the FDA had approved its Otezla drug as a treatment for moderate-to-severe plaque psoriasis. Both Cantor Fitzgerald and UBS analysts were upbeat on the company's outlook after the news.
WHAT'S NEW: Celgene yesterday afternoon announced that Otezla had been approved as a treatment for moderate-to-severe plaque psoriasis for those who phototherapy or systemic therapy is appropriate. Psoriasis, a chronic inflammatory disease of the skin resulting from an uncontrolled immune response, affects more than 125M people worldwide, Celgene stated.
In a note to investors today, Cantor Fitzgerald analyst Mara Goldstein wrote that moderate-to-severe plaque psoriasis has a significantly larger market size than psoriatic arthritis, for which Otezla had previously been approved. Otezla is likely to become a leading contender in the psoriasis market and an important revenue generator for Celgene, the analyst believes. She continues to be upbeat on the company's outlook and kept a $105 price target and Buy rating on the stock. Otezla is a more effective treatment and safer than MTX, which is still widely used as a first choice option for treating psoriasis, UBS analyst Matthew Roden wrote in a note to investors today. He thinks sales of Otezla can reach $1.8B in 2017 and that Celgene can top earnings expectations in 2015-2017. Roden kept a $112 price target and Buy rating on the shares.
52-Week Trading Range: $66.85 - $96.46
Last Trade: $95.74
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