Shares of Celgene Corp. gave up some of their recent gains Thursday after an analyst downgraded the stock, saying the biotechnology company and its cancer drug Revlimid may not meet Wall Street's expectations.
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The Summit, N.J., company focuses on drugs for inflammatory diseases and cancer. Its shares are up 19.8 percent since July 23, when Celgene reported its second-quarter results. Since reaching a 52-week low of $36.90 on April 1, the shares have advanced 53.1 percent. In Thursday afternoon trading, the stock declined $2.14, or 3.8 percent, to $54.36.
The drug was launched in early 2006, and Celgene expects about $1.6 billion in sales this year. Schmidt said some investors are expecting Revlimid sales to eventually reach $5 billion to $6 billion.
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