UPDATE: Oppenheimer Downgrades Celgene (CELG) to Perform on Worries About Future Acquisitions
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Price: $108.24 --0%
Rating Summary:
7 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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(Updated - October 15, 2012 10:44 AM EDT)
Oppenheimer downgraded Celgene (NASDAQ: CELG) from Outperform to Perform on concerns about future acquisitions.
"Although we estimate Revlimid will grow 14%/yr over the next three years, we believe that Celgene is likely to make several substantial acquisitions over the next 1-2 years in order to extend top-line growth beyond Revlimid", analyst Boris Peaker, Ph.D comments. "We analyzed Celgene's acquisitions of Pharmion, Abraxis, and Gloucester and came to the conclusion that these acquisitions had limited, if any, return based on the acquisition price. Given the recent strong performance for the entire biotech sector, we believe that it will be more difficult for Celgene to find good acquisitions."
For an analyst ratings summary and ratings history on Celgene click here. For more ratings news on Celgene click here.
Shares of Celgene closed at $78.42 yesterday.
Oppenheimer downgraded Celgene (NASDAQ: CELG) from Outperform to Perform on concerns about future acquisitions.
"Although we estimate Revlimid will grow 14%/yr over the next three years, we believe that Celgene is likely to make several substantial acquisitions over the next 1-2 years in order to extend top-line growth beyond Revlimid", analyst Boris Peaker, Ph.D comments. "We analyzed Celgene's acquisitions of Pharmion, Abraxis, and Gloucester and came to the conclusion that these acquisitions had limited, if any, return based on the acquisition price. Given the recent strong performance for the entire biotech sector, we believe that it will be more difficult for Celgene to find good acquisitions."
For an analyst ratings summary and ratings history on Celgene click here. For more ratings news on Celgene click here.
Shares of Celgene closed at $78.42 yesterday.
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