Analyst Steven Silver of S&P Capital IQ reiterates his BUY rating on the shares of Celgene (NASDAQ: CELG). The target price is maintained at $92.

In a research note published this morning, the analyst mentions that the 10% fall in Celgene’s share price since the reporting of Q1 results is overdone. The current valuation does not reflect the many key catalysts that are expected over the forthcoming many months, the analyst says. The analyst believes that the Q1 was on account of a drawdown in global inventories rather than a slowing growth profile and the company’s confirmation of its 2012 outlook is encouraging, the analyst adds. Celgene’s aggressive M&A activities and robust pipeline are under-appreciated, according to S&P Capital IQ.

Resource Link:  S&P Capital IQ Reiterates BUY Rating on Celgene (NASDAQ: CELG)