Market bubbles normally drag on longer and go higher than most traders anticipate. Yes, there was a ...
Ticker Tape Digest
03/16/2017 2:50 am EST
With annual revenues of $11.2 billion, Celgene (CELG) produces drugs to treat cancer and immune-inflammatory related diseases.
CELG develops orally administered, small molecule drugs to treat cancer and immunological diseases. Its primary commercial-stage products include Revlimid, Vidaza, Thalomid and Abraxande.
The stock is our latest "breakout" feature. Technically, CELG's daily chart shows the stock climbing from $96 back in October to a peak near $124 by November.
CELG pulled back and formed a base. It morphed into a cup-and-handle set up. The shares have just broken out to the upside by clearing its breakpoint line. The move comes with a pick up in volume.
We are targeting CELG for a move to $150; a protective stop can be placed near $118. We view Celgene as an excellent intermediate-term play provided earnings meet expectations.
For 2017, analysts are forecasting a 27% increase in net to $6.60 a share from $5.18 a year ago. The stock sells with a price-earnings ratio of 18. We see that as low — making the stock a good value-growth play.
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