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Celgene Corporation (CELG) is a biopharmaceutical company.
The Company discovers, develops, and commercializes therapies for the treatment of cancer and inflammatory diseases worldwide.
It offers REVLIMID, an oral immunomodulatory drug for multiple myeloma (MM), myelodysplastic syndromes (MDS), and mantle cell lymphoma; POMALYST/IMNOVID to treat multiple myeloma; OTEZLA, a small-molecule inhibitor of phosphodiesterase 4 for psoriatic arthritis and psoriasis; and ABRAXANE to treat breast, non-small cell lung, pancreatic, and gastric cancers.
The company's products also include IDHIFA, a small molecule inhibitor of the isocitrate dehydrogenase 2 to treat acute myeloid leukemia (AML); VIDAZA, a pyrimidine nucleoside analog for intermediate-2 and high-risk MDS, chronic myelomonocytic leukemia, and AML; and THALOMID to treat patients with MM and erythema nodosum leprosum.
Its clinical stage products comprise OTEZLA to treat various immune-inflammatory diseases; luspatercept for the treatment of patients with beta-thalassemia and MDS; CC-486 to treat MDS, AML, and solid tumors; LSD1 inhibitor to treat non-hodgkin lymphoma and solid tumors; CC-122 and CC-220 to treat hematological and solid tumor cancers, and inflammation and immunology diseases; CC-92480 to treat multiple myeloma; and durvalumab, an anti-PD-L1 antibody for hematological cancers.
Bristol-Myers Squibb (BMY) has agreed to purchase the company for $74 billion. The market did not think that the merger will go forward thus leaving about $17 upside to CELG shares. The merger got a boost yesterday after U.S. patent officials rejected a claim against Celgene's blockbuster cancer treatment Revlimid. Analysts had expected the decision regarding Alvogen's challenge. Alvogen was looking to challenge how physicians dose Revlimid. With the rejection of Alvogen's challenge, Revlimid now appears safe from competition until at least 2023. Shares have been riding their 50-day moving average. Higher share prices are expected for this stock.
Entry Point: $88.00
Stop Loss: $83.60
Trading Range: $58.59 - $95.30
Target Price: $96.80
CELG closed at $93.88
