Rochester, NY 8/12/2009 5:30:29 PM
Pre Market - Celgene Corporation CELG - Celgene profits drops due to analyst doubts Revlimid sales
Celgene Corporation CELG
Thursday after an analyst downgraded the stock, Celgene shares gave up some of their recent gains, saying the biotechnology company and its cancer drug Revlimid may not meet Wall Street's expectations.
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Eric Schmidt of Cowen and Co. downgraded the stock to "underperform" from "neutral." He said Celgene shares have become expensive, and the company might struggle to reach analyst forecasts. He also said rivals could challenge the patents on some of Celgene's drugs, which could pressure the stock price.
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