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CELG

Bought by BMY

$80.52

13.87 (20.81%)

, BMY

Bristol-Myers

$45.12

-6.9 (-13.26%)

16:29
01/03/19
01/03
16:29
01/03/19
16:29

Celgene upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Terence Flynn upgraded Celgene (CELG) to Neutral and raised his price target for the shares to $88 from $71 after the company entered into a definitive agreement to be acquired by Bristol-Myers Squibb (BMY). While the analyst still sees execution risk on Celgene's pipeline, he now expects the shares to move on M&A potential. He sees a balanced risk/reward relative to his new price target. Flynn takes no view on the likelihood of the proposed merger closing.

CELG

Bought by BMY

$80.52

13.87 (20.81%)

BMY

Bristol-Myers

$45.12

-6.9 (-13.26%)

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    May

CELG Bought by BMY
$80.52

13.87 (20.81%)

BMY Bristol-Myers
$45.12

-6.9 (-13.26%)

01/03/19
MAXM
01/03/19
NO CHANGE
Target $170
MAXM
Buy
BeiGene should be up, not down, on Celgene takeover news, says Maxim
After Bristol-Myers Squibb (BMY) announced an agreement to acquire Celgene (CELG), Maxim analyst Jason McCarthy noted that BeiGene (BGNE) shares have been under pressure, which he attributes to questions around Celgene's partnership with the company for tislelizumab. Assuming the transaction closes, he sees two potential scenarios: either Bristol-Myers ends the partnership and BeiGene regains global rights to tislelizumab or Bristol maintains the partnership as it could potentially want a second PD1 in its checkpoint portfolio to target indications not addressed by Opdivo. He sees the first scenario, that Bristol ends the deal, as most likely, but in that case McCarthy argues that BeiGene would be positioned "to get an even better deal" than it got with Celgene as tislelizumab is now in ten ongoing pivotal trials, nine of which BeiGene is already running, and is closer to an approval or approvals. The analyst, who sees the negativity in the stock on today's news as a buying opportunity and believes BeiGene shares should be up, not down, keeps a Buy rating and $170 price target on the stock.
01/03/19
ADAM
01/03/19
DOWNGRADE
Target $102
ADAM
Hold
Celgene downgraded to Hold from Buy at Canaccord
Canaccord analyst John Newman downgraded Celgene (CELG) to Hold from Buy and lowered his price target on the shares to $102 from $140, citing the company's agreement to be acquired by Bristol-Myers (BMY).
01/03/19
LEER
01/03/19
DOWNGRADE
Target $102
LEER
Market Perform
Celgene downgraded to Market Perform from Outperform at Leerink
Leerink analyst Geoffrey Porges downgraded Celgene (CELG) to Market Perform from Outperform after the company agreed to be acquired by Bristol-Myers (BMY), stating that "the best deal is sometimes the only deal." He lowered his price target on Celgene shares to $102 from $112.
01/03/19
BARD
01/03/19
NO CHANGE
Target $92
BARD
Neutral
Baird calls Bristol-Myers buyout a 'very good deal' for Celgene
While admitting he was surprised as anyone to the news, Baird analyst Brian Skorney views the buyout by Bristol-Myers Squibb (BMY) as a "very good deal" for Celgene (CELG). The deal's success hinges on the outcome of Revlimid patent litigation, but for Celgene shareholders today, "its a big win," Skorney tells investors in a research note titled "Mega Mergers Are Back?" All told, the deal could be worth over $95 per share for Celgene, the analyst points out. With a contingent value right of $9.00 due in 2021, the analyst thinks the probability adjusted net present value of the CVR is around $5 to $6 per share. Skorney has a Neutral rating on Celgene with a $92 price target.

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ARGX

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PFSI

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AGIO

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BPMC

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FATE

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ARGX

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BLUE

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BMY

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BGNE

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BMY

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