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March 14, 2014
14:18 EDTCELGCelgene lower after U.K. draft guidance on Revlimid use
Shares of drug maker Celgene (CELG) are sinking after a U.K. guidance body refused, in a preliminary decision, to recommend expanded use of the company's Revlimid drug in the country. WHAT'S NEW: The U.K.'s National Institute for Health and Care Excellence, or NICE, declined to recommend the use of Revlimid by multiple myeloma patients who had been treated one time with another drug, bortezomib. Instead, NICE will recommend that Revlimid only be given to patients who have received two or more prior therapies, the regulator stated. Celgene failed to present data comparing the effectiveness of Revlimid to other drugs, and it is unclear if Revlimid is as effective as giving patients a second round of bortezomib, NICE stated. Additionally, Celgene's own model showed that the drug would not be cost effective at this stage, NICE added. ANALYST REACTION: In a note to investors earlier today, Wells Fargo analyst Dr. Brian Abrahams wrote that the weakness in Celgene's stock today may also have been triggered by the scheduling of a hearing in a patent case on April 29, which was earlier than previously expected. However, the scheduling of the hearing was known two days ago, the analyst stated. The hearing could be important in judging how long Celgene will have exclusive rights to Revlimid, but the outcome will not be known for another year or more, the analyst believes. Abrahams also said the U.K.'s decision is not significant, since the country is more stringent than other nations in these matters. The country is likely to change its decision in the future, based on data from a study of Revlimid, according to the analyst. Abrahams recommended that investors buy Celgene shares on today's weakness and added the stock to the firm's Priority Stock List. PRICE ACTION: In afternoon trading, Celgene fell $5.44, or 3.5%, to $150.56.
News For CELG From The Last 14 Days
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July 25, 2014
07:06 EDTCELGCelgene shares should recover, says Cantor
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July 24, 2014
12:20 EDTCELGCelgene price target raised to $115 from $85 at Piper Jaffray
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07:45 EDTCELGCelgene reports Q2 VIDAZA sales decreased 28%
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07:43 EDTCELGCelgene reports Q2 ABRAXANE sales increased 39%
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07:42 EDTCELGCelgene reports Q2 REVLIMID sales increased 15%
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07:34 EDTCELGCelgene raises FY14 adjusted EPS view to $3.60-$3.65 from $3.50-$3.60
Consensus is $3.67. Raises FY14 revenue view to $7.6B from $7.5B, consensus $7.54B. Sees Revlimid net product sales $4.95B from preview $4.9B-$5B range. Sees Abraxane net product sales $850M-$900M.
07:32 EDTCELGCelgene reports Q2 adjusted EPS 90c, consensus 89c
Reports Q2 revenue $1.87B, consensus $1.85B.
July 23, 2014
15:30 EDTCELGNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Ford (F), consensus 36c; General Motors (GM), consensus 58c; Potash (POT), consensus 46c; Caterpillar (CAT), consensus $1.52; 3M (MMM), consensus $1.91; Union Pacific (UNP), consensus $1.43; Bristol-Myers Squibb (BMY), consensus 44c; Eli Lilly (LLY), consensus 65c; Celgene (CELG), consensus 89c; Precision Castparts (PCP), consensus $3.35; Raytheon (RTN), consensus $1.59; Noble Energy (NBL), consensus 79c; Hershey (HSY), consensus 76c; Southwest Airlines (LUV), consensus 61c; Boston Scientific (BSX), consensus 19c; JetBlue (JBLU), consensus 19c.
09:41 EDTCELGActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL NFLX FB MSFT CELG TWTR TSLA VALE CNW
July 22, 2014
07:12 EDTCELGCelgene has upper hand in Revlimid case, says Bernstein
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