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Celgene Corporation (CELG)

  • Jan. 6, 2014, 8:33 AM
    • Citi is out with its top biotech picks for 2014.
    • Making the list are Biogen (BIIB), Gilead (GILD), Celgene (CELG), and Medivation (MDVN).
    • On BIIB, Citi ups Tecfidera estimates and lifts the price target on the shares to $338.
    • On GILD, new 2014 EPS estimate of $3.84 is above consensus.
    • On CELG, Citi sees the possibility that the company could guide above the Street's view.
    • On MDVN, Citi is modeling peak Xtandi sales of $6.5B in 2026.
  • Jan. 6, 2014, 8:08 AM
    • Boston Children's Hospital is seeking millions in unpaid royalties from Celgene (CELG), WSJ reports.
    • In a lawsuit filed last summer, the hospital claims the company violated a 2002 contract when it ceased paying royalties on Revlimid and Pomalyst — the hospital apparently helped discover their cancer fighting abilities.
    • The case is further complicated by the fact that the hospital sold most of its Revlimid rights to an unnamed third party for $130.5M.
    • In any event, an unfavorable ruling would likely cost CELG millions, as "court filings [show] Children's [believes] it is owed $3M in unpaid royalties for the first quarter alone."
  • Dec. 15, 2013, 5:13 PM
    • A NY Times feature looks at drug companies' wildly successful and wildly aggressive marketing campaign for A.D.H.D. treatments like Adderall (made by Shire (SHPG)) and Ritalin (made by Novartis (NVS)). Recently, companies have begun targeting adults.
    • Recent data show that 15% of high school-age children are now diagnosed with A.D.H.D., and that the number of children taking medication has soared to 3.5M from 600K in 1990. One doctor calls the rising rates of diagnosis "a national disaster of dangerous proportions."
    • The FDA has cited every major A.D.H.D. drug - including Adderall, Concerta (JNJ), Focalin (NVS, CELG) and Vyvanse (SHPG) - for false and misleading advertising since 2000, some multiple times.
  • Dec. 11, 2013, 2:12 PM
    • Agios Pharmaceuticals (AGIO -4.4%) and Celgene (CELG -2.2%) extend the exclusivity period tied to a strategic cancer metabolism collaboration agreement (originally struck in 2010) by a year.
    • Terms call for CELG to retain its exclusive option on any drug candidates that come out of the AGIO cancer metabolism pipeline until April of 2015.
    • CELG is making an upfront payment of $20M to AGIO. (PR)
    | Comment!
  • Dec. 10, 2013, 8:30 AM
    • Credit Suisse upgrades Celgene (CELG) to Outperform from Neutral in a move analyst Ravi Mehrotra says "is as much about relative growth as revenue and EPS upgrades."
    • Mehrotra sees 2017 total sales and EPS of $13B and $16 (up from $11B and $13.57).
    • The new estimates are largely attributable to an increase in the projection for Revlimid sales, which are now seen at $7.6B, up from $6.8B. The more upbeat assessment is due to "lengthening of treatment duration and increasing penetration in the first-line setting."
    • CAGR projections from 2013-2017: 19% top-line and 28% bottom-line.
    • Price target hiked to $210 from $165.
    • CELG +1.3% premarket
    | Comment!
  • Dec. 9, 2013, 8:58 AM
    • Celgene (CELG) says results (presented at ASH) from an ad hoc analysis of an MDS subset from two Phase 1/2 studies of oral azacitidine show 11 of 23 patients achieved an OR, while four of 23 achieved CR.
    • Other results: 30% achieved hematologic improvement, red-blood cell TI achieved in five of 12 patients, platelet TI achieved in two of five patients.
    • Four patients discontinued treatment due to AEs. (PR)
    | Comment!
  • Dec. 6, 2013, 3:16 PM
    • Citi is out with some bullish commentary on Celgene (CELG +0.9%).
    • Analyst Yaron Werber went out and conducted a "detailed analysis," before ultimately determining that "Revlimid/dex is set to dominate the myeloma market over the long-term."
    • Not only does Werber think the "tailwind" for Revlimid/ Pomalyst is "much greater than appreciated," the analyst also says the company's pipeline should "further sustain its dominance" in myeloma.
    • Price target hiked to $204 from $182.
    • Related from last month: BofA note spooks Amgen
  • Dec. 6, 2013, 1:35 PM
    • Celgene (CELG +0.8%) gets an Orphan designation for sotatercept in
      beta-thalassemia intermedia and major. (FDA)
  • Dec. 6, 2013, 4:24 AM
    • Novartis' (NVS) LBH589 drug for treating relapsed and refractory multiple myeloma, a bone marrow cancer, met its primary goal in a Phase III trial.
    • When combined with two other therapies, bortezomib and dexamethasone, LBH589 significantly increased progression-free survival in patients compared with those treatments alone.
    • Other companies working on drugs for multiple myeloma include Celgene (CELG)  and German firm MorphoSys (MPSYF). (PR)
    | Comment!
  • Dec. 5, 2013, 12:16 PM
    • Shares of Celgene (CELG +3.3%) are moving notably higher in morning trading.
    • Likely behind the move is UBS, where analyst Matthew Roden has upgraded the stock to Buy from Neutral.
    • "We find CELG compares favorably to other names in healthcare and the broader markets on the basis of EPS growth (26% vs 16% HC and 13% S&P500), and operating margin (49% vs 13% and 16% in Q3 2013, and 60% achievable for CELG by 2017)," Roden notes.
    • Price target is $200.
    | Comment!
  • Dec. 4, 2013, 8:27 AM
    • After nearly doubling on Tuesday, shares of OncoMed Pharmaceuticals (OMED) add another 7% in premarket trading.
    • Today's catalyst looks to be Jefferies, where analyst Thomas Wei is out with a $46 target (from $27).
    • Wei likes the Celgene (CELG) deal and says it "validates demcizumab and [the] cancer stem cell platform [and] relieves OMED of any near-term financing risk."
    • For more on the CELG deal, see here
    | Comment!
  • Dec. 3, 2013, 8:02 AM
    • OncoMed Pharmaceuticals (OMED) announces a development and commercialization agreement with Celgene (CELG).
    • The deal includes demcizumab and "up to six anti-cancer stem cell product candidates."
    • OMED gets $177.25M upfront ($22.25M equity investment).
    • OMED also keeps "global co-development and U.S. co-commercialization rights for five of the six anti-CSC product candidates with 50/50 U.S. profit sharing, and royalties to be received in other territories."
    • CELG has an exclusive option on demcizumab subsequent to which OMED will "co-develop [the drug and] share global development costs on a 1/3 OMED and 2/3 CELG basis." (PR)
    • OMED +60% premarket.
    | Comment!
  • Nov. 27, 2013, 8:55 AM
    • Piper starts Celgene (CELG) at Neutral.
    • Repros Therapeutics (RPRX) initiated at Overweight at Piper. Price target is $26.
    • Piper starts Gilead (GILD) at Overweight. Price target is $91.
    • Incyte (INCY) initiated at Overweight at Piper. Price target is $56.
    • Piper starts Insmed (INSM) at Overweight. Price target is $34.
    • Piper starts MannKind (MNKD) at Neutral.
    • Nektar Therapeutics (NKTR) is initiated at Overweight at Piper. Price target is $20.
    • Amgen (AMGN) initiated at Overweight at Piper. Price target is $143.
    • Vanda (VNDA) started at Overweight at Piper. Price target is $21.
    • Piper initiates Pharmacyclics (PCYC) at Overweight. Price target is $160.
    • Piper upgrades Isis Pharmaceuticals (ISIS) to Neutral from Underweight.
    • Piper starts Alexion (ALXN) at Overweight. Price target is $172.
    | Comment!
  • Nov. 21, 2013, 3:20 PM
    • After opening higher, shares of Amgen (AMGN -2.9%) moved into negative territory this morning and have since traded notably lower on above average volume.
    • The weakness looks to be attributable to BofA/ Merrill Lynch. Here's what the firm had to say regarding a meeting with Celgene's (CELG +1.8%) management: "The most notable derivative commentary was around AMGN's Kyprolis. CELG is hearing increasing concerns from big myeloma centers on CV events."
    • They continue: CELG "has access to the event rate in ASPIRE and believes the full story has yet to fully play out." While BofA says CELG "was not tossing away Kyprolis" they did seem to suggest that "it could be reserved with Revlimid/Dexamethasone for high risk myeloma." ASPIRE combines Kyrpolis, Revlimid, and Dexamethasone.
    • Now, Cowen is apparently out defending AMGN, saying any CELG commentary might have been taken out of context.
    • Also down sharply are shares of Ligand Pharmaceuticals (LGND -5.7%) which receives tiered royalties tied to the use of Captisol technology in the drug. 
  • Nov. 13, 2013, 12:33 PM
    • The FDA has approved Pharmacyclics' (PCYC) ibrutinib for mantle cell lymphoma.
    • The drug is co-marketed with Janssen (JNJ).
    • This marks the second drug with Breakthrough Therapy Designation to win approval.
    • The drug is "intended for patients who have received at least one prior therapy."
    • Also approved for MCL: Celgene's (CELG) Revlimid.
    • Full FDA release
  • Oct. 27, 2013, 2:55 AM
    • Celgene's (CELG) twice-a-day pill Apremilast helped bring about notable and lasting reductions in the signs and symptoms of psoriatic arthritis in a late-stage trial of 527 patients who hadn't previously been treated for the disease. Subjects received the drug for a year.
    • "To be able to have a patient that can take a pill twice a day, I think this is going to be a game changer, not only for me as a physician, but for my patients," said Alvin Wells, the lead investigator in the trial.
    • The FDA is expected to decide whether or not to approve Apremilast in March. If authorized, the drug would compete with injected biotech medicines that are highly effective but whose side effects are potentially more serious.
    • Sales of Apremilast are forecast at $475M-1.5B over the next few years, depending on whom you ask.
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Company Description
Celgene Corp is a biopharmaceutical company. It is engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.
Sector: Healthcare
Industry: Biotechnology
Country: United States