Baird’s Brian Skorney has downgraded Celgene (NASDAQ:CELG) to Neutral with a $101 price target citing its 27% climb this year and the Bristol-Myers deal spread narrowing to $0.66.
He also does not see a valid reason to hold shares ahead of The American Society of Hematology (ASH) Annual Meeting in early December where “anything amiss” related to ozanimod, liso-cel or bb2121 could put the $9/share Contingent Value Right (CVR) at risk, adding that CAR-T therapy liso-cel is the riskiest of the three.
Shares are up a fraction premarket.
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