Celgene Corporation (NASDAQ:CELG) announced it has received a Paragraph IV Notice Letter advising that Actavis LLC submitted an Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration (FDA) seeking authorization from the FDA to manufacture and market a generic version of ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin bound) 100 mg/vial in the United States.

The Notice Letter contains Paragraph IV certifications against certain patents relating to ABRAXANE®. Celgene is assessing the notice. Celgeneintends to vigorously defend its extensive intellectual property rights relating to ABRAXANE®(Original Source)

Shares of Celgene closed today at $104.25, up $1.74 or 1.70%. CELG has a 1-year high of $140.72 and a 1-year low of $92.98. The stock’s 50-day moving average is $102.58 and its 200-day moving average is $112.58.

On the ratings front, Celgene has been the subject of a number of recent research reports. In a report issued on February 25, Citigroup analyst Robyn Karnauskas initiated coverage with a Buy rating on CELG and a price target of $130, which implies an upside of 24.7% from current levels. Separately, on February 17, William Blair’s John Sonnier reiterated a Buy rating on the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Robyn Karnauskas and John Sonnier have a total average return of 5.6% and 3.3% respectively. Karnauskas has a success rate of 53.8% and is ranked #439 out of 3698 analysts, while Sonnier has a success rate of 45.0% and is ranked #986.

The street is mostly Bullish on CELG stock. Out of 14 analysts who cover the stock, 13 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $145.25, which represents a potential upside of 39.3% from where the stock is currently trading.

Celgene Corp is a biopharmaceutical company. It is engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.