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News Breaks
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14:18 EDTCELGCelgene lower after U.K. draft guidance on Revlimid use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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August 28, 2015
07:12 EDTCELGWilliam Blair names 21 stocks best positioned for volatile markets
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August 27, 2015
16:03 EDTCELGCelgene completes acquisition of Receptos
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August 25, 2015
07:31 EDTCELGCelgene announces expiration of tender offer for Receptos shares
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August 24, 2015
18:55 EDTCELGOn The Fly: After Hours Movers
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18:52 EDTCELGJazz, Celgene, Shire up after USPTO rejects Acorda patent challenge
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13:36 EDTCELGBiotech correction presents some opportunities, says RBC Capital
RBC Capital analyst Michael Yee said he won't try to pick the short-term bottom in biotech, but contends that any macro weakness in China shouldn't have any major impact to financials or fundamentals for the sector given their minimal exposure there. If the market continues to be volatile, Yee recommends a focus on names with defensive characteristics, such as higher margins and free cash flow yield, naming Amgen (AMGN), Celgene (CELG) and Gilead (GILD) as some examples. The analyst adds that he likes Vertex (VRTX) on the pullback for "more aggressive" growth investors. Yee has Outperform ratings on all of the stocks mentioned above.
August 23, 2015
12:35 EDTCELGBiotech firms could see 'billions' in sales from new cancer drugs, Barron's says
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