Jefferies & Company Reiterates Buy Rating, Lowers PT for Celgene Corporation

In a report published earlier today, Jefferies & Company, Inc. reiterated its Buy rating for Celgene Corporation (NASDAQ: CELG), but lowered its price target from $85.00 to $75.00.

Jefferies & Company went on to say “CELG announced that it has withdrawn its EU filing for front-line Revlimid. CELG noted the decision was based on EU regulator concerns that Revlimid could have negative effect on survival due to second primary malignancies (SPMs). We remain encouraged though by the management's characterization of the pathways to approval, and we would be buyers on weakness.”

Celgene Corporation closed yesterday at $59.45.