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Cowen Top Analyst Dives In On Celgene Corporation (CELG) Following Drug Price Hikes

Cowen top analyst Eric Schmidt is out with a favorable report on Celgene Corporation (NASDAQ:CELG) after the biotech giant hiked prices for pipeline blood-cancer drug Revlimid and multiple myeloma drug Pomalyst by 3%. For Schmidt, Celgene continues to be a top pick and as such the analyst reiterates an Outperform rating on the stock, with a $150 price target, which represents a nearly 32% increase from where the shares last closed.

Schmidt believes that having garnered $5.8 billion in 2015 sales, Revlimid’s future shines bright. The analyst sings the praises of Celgene and Revlimid’s prospects, commending the...