Tuesday’s announcement that Celgene (CELG) agreed to acquire Receptos (RCPT) pleased investors in those two stocks, but for investors in Gilead Sciences (GILD), which was rumored to be interested in Receptos, it means waiting on the edges of their seats. “Literally the only question I’m getting on Gilead is, ‘When and who are they going to buy?'” said Evercore ISI analyst Mark Schoenebaum Monday in a video recorded for clients. “The stock has
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