UPDATE: Baird Downgrades Celgene (CELG) to Neutral

November 1, 2019 4:31 AM EDT
Get Alerts CELG Hot Sheet
Price: $108.24 --0%

Rating Summary:
    7 Buy, 27 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 3 | New: 12
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(Updated - November 1, 2019 6:41 AM EDT)

(updated to add analyst comments)

Baird analyst Brian Skorney downgraded Celgene (NASDAQ: CELG) from Outperform to Neutral with a price target of $101.00.

The analyst commented, "We are stepping to the sidelines after a strong upward move in CELG shares (up 33% since our January upgrade vs. 24% for the S&P 500). While we continue to expect the Bristol-Myers Squibb deal to close before the end of 2019 (which is a slight acceleration to the previous late 2019/early 2020 guidance), we don't see a reason for holding shares ahead of ASH where any hair out of the TRANSCEND data could put the entire CVR at risk."

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 $108.03 yesterday.

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Robert W Baird, Standard & Poor's