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Celgene Corporation (CELG)

  • Thu, Jan. 29, 7:33 AM
    • Celgene (NASDAQ:CELG): Q4 EPS of $1.01 beats by $0.02.
    • Revenue of $2.09B (+18.7% Y/Y) beats by $10M.
    • Shares +1.08% PM.
    • Press Release
  • Dec. 8, 2014, 12:37 PM
    • Biotech investors are giving Seattle Genetics (SGEN -8.4%) the cold shoulder today on increased volume. It appears that all the love is being directed to the potential of competitors' PD-1 inhibitors in fighting cancer despite the company's presentations at the American Society of Hematology meeting of positive results for Adcetris (brentuximab vedotin), an antibody-drug conjugate directed to CD30 in Hodgkin lymphoma (HL).
    • Long-term data from a Phase 1 trial of Adcetris combined with AVD (adriamycin, vinblastine, dacarbazine) demonstrated a 100% overall survival rate at year three and 92% failure-free survival rate at year 3 in frontline HL.
    • Adcetris in combination with bendamustine as a second-line therapy demonstrated an objective response rate of 96% and a complete remission rate of 83% in patients with relapsed or refractory HL.
    • In a Phase 2 trial in previously untreated HL patients aged 60 and older, Adcetris showed a 93% objective response rate.
    • The company is collaborating with Takeda Pharmaceutical Co. (OTCPK:TKPHF) (OTCPK:TKPYY) on the development of the product.
    • Previously: Positive results in Adcetris Phase 3 label expansion trial (Sept. 29, 2014)
    • PD-1 inhibitor-related tickers: (BMY +0.2%)(FPRX +4.8%)(MRK -0.2%)(CELG +4.2%)(OTCQX:RHHBY -0.5%)(AZN -0.6%)
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  • Nov. 14, 2014, 12:00 PM
    • The money continues to flow out of biotech. The iShares NASDAQ Biotech Index (NASDAQ:IBB) is down 2%. The index is down almost 5% since the peak of 302.98 on October 31.
    • A sampling of moves today: (BIIB -4.3%)(CELG -3.4%)(AMGN -1.6%)(GILD -1.6%)(REGN -1.6%)(ALXN -2.3%)(VRTX -0.1%)
  • Sep. 26, 2014, 1:12 PM
    • Moderately-traded biotech Angios Pharmaceuticals (AGIO +19.6%) jumps on a 10x surge in volume. Shares have quadrupled since the low of $15.77 on November 18, 2013.
    • In November, the company will present clinical data from a Phase 1 trial of AG-120, an orally available inhibitor of the mutated IDH1 protein, being developed to treat hematologic malignancies and solid tumors.
    • Collaboration partner Celgene (CELG +0.3%) has a 15% stake in the company.
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  • Apr. 25, 2014, 3:27 PM
    • "It's Time ... We Think," is the title of a report from the team at Piper Jaffray, upgrading Celgene (CELG +1.1%) to Overweight.
    • Noting significant cooling in biotech and even a massive beat from Gilead which barely moved the stock, Piper acknowledges it's a tough environment for high multiple names. But trading at 20x P/E with 20% sustainable EPS growth means Celgene is either going to soon be considered a value play or see multiple stabilization.
    • "We believe the valuation now reflects a conservative 2024 Revlimid patent expiry and excludes meaningful contribution from the advancing pipeline ... [Celgene] is attuned to delivering shareholder value and we believe will fight aggressively to lift the Revlimid polymorph patent overhang and deliver sustainable EPS growth."
    • Celgene's gain today comes as the biotech sector slips about 4%.
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  • Jan. 30, 2014, 2:44 PM
    • Amid a strong showing for top-tier biotech stocks, Celgene (CELG -2.2%) is in the red after missing Q4 earnings, offering underwhelming guidance and from critical editorial correspondences published in the New England Journal of Medicine.
    • Two correspondences raised concerns about Abraxane benefits, toxic effects, incremental cost and the effect of pancreatic tumor location on the drug’s efficacy; however, Citigroup would buy CELG on today's weakness, seeing the drug as a strong seller and the NEJM story as a non-event.
    • Alexion Pharma (ALXN +22%), on the other hand, reported a strong Q4 with solid guidance; Brean Capital praises ALXN as "highly committed to developing a portfolio of drugs for diseases that are both rare and severe."
    • Also: VRTX +5.5%, BIIB +4.8%.
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  • Jan. 28, 2014, 9:12 AM
    • Deutsche's Robyn Karnauskas makes a big call on big-cap biotechs, boosting price targets for Biogen (BIIB) to $415 from $340, Celgene (CELG) to $190 from $170, and Gilead (GILD) to $132 from $95. The $132 PT for Gilead is a new Street high "by a nautical mile," says Notable Calls, and Karnauskas sees upside all the way to $165.
    • "We view large-cap biotech as fundamentally stable yet providing attractive growth," she writes, citing more diversified businesses, pipelines, new product launches, strong balance sheets, and strong free cash flow. "Therefore, we are changing our valuation methodology to 2015 PE multiples from DCF for Gilead, Celgene, and Biogen. Our '15 EPS estimates are higher than consensus and we think near-term franchise success could drive re-rating."
    • GILD +2.7%, CELG +1.3% premarket
    • Related ETFs: IBB, XBI, BIB, BBH, FBT, PBE, BIS
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  • Jan. 8, 2014, 10:46 AM
    • Nomura's Ian Somaiya (formerly at Piper) is out with a number of healthcare initiations.
    • Gilead (GILD +1.7%) is the firm's top biotech pick for 2014 as the company is "set to dominate the HCV market." GILD started at Buy. Price target is $118.
    • Neurocrine Biosciences (NBIX -3.2%) started at Buy. Somaiya sees peak sales of $700M for NBI-98854. Price target is $23.
    • Celgene (CELG +1.2%) started at Buy. "Revlimid for multiple myeloma, is less than a third of the way to realizing its peak sales potential," Somaiya says. Price target is $236.
    • Biogen (BIIB +4.1%initiated at Buy. Tecfidera, is "a blockbuster ... treatment for MS, with estimated peak sales of $9B," Somaiya notes. Price target is $368.
    • Alexion (ALXN +1.5%) initiated at Buy. Price target $150.
    • Pharmacyclics (PCYC +1.9%) will "transform the treatment paradigm and disease course of CLL and mantle cell lymphoma MCL." Shares started at Buy. Price target is $137.
    • Other initiations: Incyte (INCY +5.9%started at Buy. Synageva BioPharma (GEVA +3.7%) started at Buy. BioMarin (BMRN +1.2%), Amgen (AMGN), and Infinity Pharmaceuticals (INFI +2.8%) started at Neutral.
  • Jan. 7, 2014, 8:02 AM
    • Epizyme (EPZM) rallies 32% (low volume) in premarket action.
    • Monday evening, the company reported that it has achieved the "POC milestone in the EPZ-5676 DOT1L inhibitor clinical program," an event which triggers a $25M payment from partner Celgene (CELG).
    • Objective responses in patients with translocations of the MLL-r observed in the fourth dose cohort of an ongoing Phase 1 study were the triggering event.
    • Additionally, the company says "a development candidate milestone has been achieved for one of the three HMT targets included" in the GlaxoSmithKline (GSK) partnership, triggering another $4M milestone payment.
    • 2013 end-of-year cash now seen at $145M versus $115M previous. (PR)
  • 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
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  • 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. 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
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  • 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.
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  • 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. 
  • Oct. 16, 2013, 10:50 AM
    • Receptos (RCPT +20.3%) soars after Calcalist says Celgene (CELG) and Teva (TEVA) are bidding for the company.
    • Bids are reportedly in the $700-800M range.
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  • 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%).
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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