Celgene (CELG) stock is flying in the stock market today after the big biotech announced late Tuesday that it’s acquiring peer Receptos (RCPT) for $232 a share in cash to enhance its inflammation and immunology portfolio. Along with the $7.2 billion deal, Celgene announced view-topping preliminary Q2 earnings. Shares gapped up 8.2% to 132.88 in huge volume Wednesday, hitting an all-time intraday high of 135.98. The stock also broke out of a cup
Celgene (CELG) stock jumped 10% to a new high above 135 Wednesday morning as it got several price-target increases in the wake of its deal to buy Receptos (RCPT). Celgene agreed to pay $7.2 billion for Receptos and announced preliminary Q2 earnings that beat estimates. Receptos’ lead drug candidate Ozanimod is in clinical testing for different immunological diseases. This is a field that Celgene entered last year with the launch of its psoriasis
Celgene (CELG) late Tuesday said it will pay $232 a share in cash for Receptos (RCPT), and announced strong Q2 earnings and sales figures. The biotech giant said the deal “significantly enhances Celgene’s inflammation & immunology portfolio,” Receptos, which is developing treatments for multiple sclerosis and ulcerative-colitis, rose 10.2% to 228.25 in after-hours action after being halted on the deal announcement. The stock had closed up 5.1% to