Celgene (NASDAQ:CELG) fights the sell-off
This CEO performance shows that CELG has my sort of management team. That's in contrast to the CEO of a different biotech company with a similar long-term stock chart who closed the Q4 conference call by responding to a question about when growth would resume beyond 2017 this way:
But at this point, I'm not going to give you a point in time when that's going to happen.
That inspired no confidence amongst investors.
Whereas, CELG has sold off from the high $120s to the $114 range on some issues, and it has responded with some new news. No guarantees - it's biotech! - but in my humble opinion, the parrying of the bears was well done, appropriate, and very well-timed.
Here's the background of what I see having weighed on CELG the past couple of months, followed by CEO Mark Alles taking the sellers on with facts and informed projections. As you know, CELG is a strong cash flow company, iconic to many investors, and it's a very large cap name. It could take the passive approach to its stock price, but I think that it wants to nip in the bud the image that the nattering nabobs of negativism have been painting on the company.
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