Piper Jaffray Overweight on Celgene Corporation (CELG)
Piper Jaffray is out with a research report on Celgene, Inc. (NYSE: CELG) 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 (NASDAQ: ABII), 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.
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