Piper Jaffray Overweight on Celgene Corporation (CELG)

Piper Jaffray is out with a research report on Celgene, Inc.

and it has given an ‘overweight’ rating to the stock. The stock is currently trading at $50.67. Celgene develops drugs for hematology, oncology and autoimmune diseases. The company announced the acquisition of Abraxis

, a deal that will likely lead to investors questioning the price tag, but one which analyst believe makes strategic and financial sense. Analysts at Piper Jaffray estimates Abraxane sales of $366 million in 2011 and incremental operating costs of $219 million, resulting in no impact to EPS estimates of $3.51. They believe Celgene is the best pick in the biotech sector.