Company Update (NASDAQ:CELG): Celgene Corporation Receives Antitrust Clearance for Receptos Acquisition

Celgene Corporation (NASDAQ:CELG) announced that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”) with respect to the previously announced tender offer by its wholly-owned subsidiary, Strix Corporation, for all issued and outstanding shares of common stock of Receptos, Inc. (NASDAQ:RCPT) at a price of $232.00 per share, net to the seller in cash, without interest and less required withholding taxes and subsequent merger of Strix Corporation with Receptos expired at 11:59 p.m. EDT on August 10, 2015. The expiration of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other customary closing conditions. Celgene expects the transaction to close in the third quarter of 2015.

The tender offer is scheduled to expire at midnight EDT on Monday, August 24, 2015, unless extended. (Original Source)

Shares of Celgene Corporation closed yesterday at $131.23. CELG has a 1-year high of $140.72 and a 1-year low of $83.16. The stock’s 50-day moving average is $126.52 and its 200-day moving average is $119.18.

On the ratings front, Celgene Corporation has been the subject of a number of recent research reports. In a report issued on July 27, Morgan Stanley analyst Matthew Harrison maintained a Hold rating on CELG, with a price target of $134, which represents a slight upside potential from current levels. Separately, on July 24, Canaccord Genuity’s John Newman reiterated a Buy rating on the stock and has a price target of $190.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matthew Harrison and John Newman have a total average return of 13.0% and 12.8% respectively. Harrison has a success rate of 72.0% and is ranked #821 out of 3729 analysts, while Newman has a success rate of 56.6% and is ranked #238.

Overall, 2 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $146.00 which is 11.3% above where the stock closed yesterday.


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