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JP Morgan Cuts Celgene Rating

JP Morgan downgraded Celgene Corp. (CELG) to long-term buy from buy.

Analyst Franklin Berger says the downgrade is based on a 9-12 month delay in Celgene's Total Therapy II trial for multiple myeloma. He adds that Phase III interim data still isn't available, as he had forecast. Berger says the company plans to file its Thalomid NDA in Q3 2001; in his opinion, the regulatory risk now is higher without positive 2TII trial results.

He cut the $87.5 million 2001 Thalomid sales estimate to $76.5 million and cut the $0.32 2001 EPS estimate to $0.27.

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