Celgene still rated by JMP at market outperform

Celgene Corp. was reiterated by JMP Securities analyst Charles C. Duncan at market outperform with $70 price target after the company received an approvable letter from the FDA for Thalomid in newly diagnosed multiple myeloma. A full FDA response is expected in a few weeks, JMP said. Thalomid sales are expected to drop 25% in 2006 because of the introduction of Revlimid, and the drug's approval in multiple myeloma could drive deeper penetration with a strong marketing effort. Shares of the Summit, N.J., drug discovery company were up 38 cents, or 0.63%, at $60.35 on volume of 1,537,766 shares versus the three-month running average of 2,532,240 shares.

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