Oct. 16, 2013, 10:50 AM
Oct. 12, 2013, 9:21 PM
- "For Q3, 91 companies in the S&P 500 cut their earnings guidance while just 19 raised them—both records since FactSet began keeping count in 2006," Jack Hough notes.
- Investors needn't fear though, as Barron's is out with a list of six companies who have not only raised their EPS estimates, but whose shares also boast "either recently raised price targets or recommendation upgrades."
- The list: Allstate (ALL), Occidental Petroleum (OXY), J.M. Smucker (SJM), Snap-on (SNA), Celgene (CELG), and Capital One (COF).
Oct. 10, 2013, 11:57 AM
- Biotechs took a beating in the first three days of this week but they're rallying today, so investors need to decide whether they should be using the dip to buy or the bounce to sell.
- Citi sees a mixed view for the sector: Given the scarcity of growth stocks in the overall market, the firm expects large-cap biotechs to bounce back but is far less sanguine about small- and mid-caps where valuations are broadly stretched and the Street is overly optimistic of the chances for pipeline success.
- The firm's favorites include Gilead (GILD +4.7%) and Celgene (CELG +3.5%), and sees compelling risk/reward in Medivation (MDVN +3.9%) and Tesaro (TSRO +5.7%).
- ETFs: IBB, XBI, FBT, PBE, BBH, BIB, BIS.
Oct. 9, 2013, 12:44 PM
- Biotech stocks suffer a third straight day of heavy losses after recording their worst selloff in two years yesterday, but Bernstein’s Geoffrey Porges says it's not time to panic.
- Stocks with major uncertain events looming, such as MDVN, or with significant revenue upside already built into valuation, such as PCYC, were among the most severely affected, Porges says, but "nothing changed in the environment to suggest that those events were any more or less likely to have positive outcomes yesterday, or to suggest that revenue potential was any more or less likely to be achieved than was previously expected."
- Still, investors shouldn’t buy the sector willy-nilly; Porges recommends Celgene (CELG) and Gilead (GILD) among large caps, and notes that less-pricey stocks such as Amgen (AMGN) should hold up better, as should midcaps with earnings and products, such as Alexion (ALXN).
- ETFs: IBB, XBI, FBT, PBE, BBH, BIB, BIS.
Sep. 26, 2013, 10:43 AM
- Cramer says biotech is a safe haven amid the uncertainty emanating from Washington, as pipelines are strong and the sector is not sensitive to the trajectory of the overall economy — this is a "double advantage", he says.
- Celldex (CLDX +5.3%) — which is part of this week's billion dollar biotech price target bump club courtesy of Leerink and Cantor — gets a glowing recommendation as Cramer calls the company "just incredible."
- Other companies getting a name drop: Celgene (CELG +2.4%), Immunogen (IMGN +2%), and Onyx (ONXX).
- ETFs - IBB, XBI, FBT, PBE, BBH, BIB, BIS
Sep. 19, 2013, 2:36 PM
- After pricing its IPO at $15 and upsizing its offering 5.58M shares from a prior 4.65M, Acceleron Pharma (XLRN) opened at $18.90 and is currently at $19.13, up 27.5%. That gives the drug developer a market cap of $509M.
- Existing investor/partner Celgene (CELG -0.4%) bought 667K shares in a private placement coinciding with the IPO. The purchase raises Celgene's stake in Acceleron to 12.3%. Acceleron and Celgene teamed up in 2011 to develop the latter's ACE-536 drug, which aims to combat anemia.
- Acceleron had $41.4M in revenue in 1H (up over 5x Y/Y), and net income of $14.7M. In addition to ACE-536, the company is working on cancer and kidney disease drugs.
- S-1, IPO preview
Sep. 6, 2013, 12:23 PM
Sep. 5, 2013, 8:30 AM
- Celgene (CELG) announces the publication of Phase 3 data from MM-003.
- The results show oral pomalidomide plus low-dose dexamethasone demonstrated significant PFS improvement compared to high-dose dexamethasone in patients with refractory or relapsed and refractory multiple myeloma who have failed at least two prior therapies with both bortezomib and lenalidomide. (PR)
- CELG +1.3% premarket.
- More on pomalidomide here
Aug. 23, 2013, 4:27 PM
Aug. 1, 2013, 10:22 AM
- Data from a Phase II study of a Revlimid/ dexamethasone combo followed by Revlimid (CELG +1.6%) maintenance therapy in patients with high-risk asymptomatic smoldering multiple myeloma have been published in the August 1 edition of the New England Journal of Medicine.
- Primary endpoint results: At a median follow-up of 40 months, median time to progression was "significantly longer in the treatment group compared with the observation group." (PR, full article)
Aug. 1, 2013, 8:59 AM
- Celgene (CELG) intends to offer, subject to market and other conditions, senior unsecured notes under a shelf registration statement.
- Interest rate, maturity dates and other key terms of the offering to be determined at the time of pricing.
- CELG will use the net proceeds from the offering for general corporate purposes, "which may include, without limitation, further development of Celgene's clinical and pre-clinical programs, capital expenditures, general corporate development activities, meeting working capital needs, share repurchases of Celgenes common stock and repayment of some or all of Celgenes outstanding commercial paper."
- Barclays (BCS) Citigroup (C), Deutsche Bank Securities (DB) and J.P. Morgan (JPM) acting as joint book-running managers.
- Source: Press Release
Jul. 29, 2013, 6:05 PM
- Array BioPharma (ARRY) says it will receive up to $387M in upfront and potential milestone payments under a new collaboration with Celgene (CELG) for its preclinical development program targeting an inflammation pathway.
- Under the terms of the agreement, ARRY will receive an upfront payment of $11M and give CELG the exclusive option to license multiple clinical development candidates.
- Additionally, it will potentially receive up to $376M in potential milestone payments based upon meeting certain development, regulatory and sales goals, as well as royalties on sales of all drugs.
- ARRY will retain all rights to the program if CELG doesn't exercise its option.
- ARRY +8.6% CELG +0.2% AH.
Jul. 29, 2013, 11:11 AM
- Celgene (CELG -0.7%) enters into a strategic collaboration and will make a $100M upfront cash payment for an exclusive option giving it the right to buy Acetylon Pharmaceuticals - a developer of small molecule drugs that target epigenetic mechanisms for the treatment of cancer and other critical human diseases.
- Acetylon will retain control of its drug development program during the option period.
- If Celgene exercises its option, an upfront payment with a minimum floor of $500M, will be paid at closing.
- Additionally, Acetylon shareholders will be eligible to receive potential future milestone payments totaling up to $1.1B depending upon certain targets.
Jul. 25, 2013, 8:31 AMMore on Celgene (CELG +2.1%) Q2: net profit +30% to $478M; adjusted net profit +20% to $653M. Revenue +16.8% to $1.6B. Revlimid (multiple myeloma) sales $1.05B vs forecasts of $1.04B. Abraxane sales $155M and Pomalyst (recently launched) $66M; both are cancer drugs. Raises FY guidance: EPS seen at $5.80-5.90 vs $5.55-5.65 prior forecast and consensus of $5.77; net product sales seen at $6.2B vs $6B and $6.18B. | Jul. 25, 2013, 8:31 AM | 2 Comments
Jul. 25, 2013, 7:34 AM
Jul. 25, 2013, 12:05 AMNotable earnings before Thursday’s open: ABB, ACT, AEP, AIXG, ALK, ALKS, ARG, ASH , ASPS, BC, BG, BIIB, BLL, BMS,BMY, BSX, BWA, CAB, CAM, CCE, CELG, CFX , CL, CMS, CNX, COR, CPN, CRI,CRR, CS, CHS, DAN, DFT, DHI, DLX, DNKN , DO, DOW, DST, EQT, ESI, FAF,FLIR, GG, GM, GNC, GPK, GRA, HNT, HOG , HOT, HSY, IDCC, IMAX, IP, JAH,JNS, KEM, KMT, LAZ, LL, LM, LO, LUV , MDP, MDSO, MGI, MHFI, MJN, MMM,NBL, NMM, NXTM, ODFL, ORI, PACR, PCP, PDS , PHM, PNK, POT, PTEN, QSII, RCL,RDWR, RS, RTN, RYN, SIRI,SLAB, STC, STRA, SUI, TKR, UA, UFS, USG , UTHR, VCI, VDSI, VLY, WAB, WCC,XRX, YNDX, ZMH | Jul. 25, 2013, 12:05 AM | Comment!
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