Celgene Corporation (NASDAQ:CELG), headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation.
Rodman & Renshaw has released a company update on Celgene Corp, assigning it an "Outperform" rating with Moderate Risk and a target price of $102.
Analyst Michael G. King, Jr. writes that "despite the disappointing 1Q results, we maintain our Market Outperform rating and our YE2012 Price Target of $102. We continue to view CELG as our top-large cap pick in the large-cap biotechnology space. We remain bullish on the company’s products and management’s ability to execute. Despite the shortfall, we believe fundamentals remain intact, and would be buyers on weakness. In addition, the Celgene story is replete with milestones for the remainder of 2012. Based on our DCF valuation (utilizing an 11.5% discount rate), we derived a valuation of $102 leading to our price target. Using our standardized CAGR valuation model we arrived at a valuation $110."