Stock Update (NASDAQ:CELG): Celgene Corporation Commences Tender Offer for Receptos, Inc.

Celgene Corporation (NASDAQ:CELG) announced that its direct wholly-owned subsidiary, Strix Corporation, has commenced its previously announced tender offer for all 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. The tender offer is being made in connection with the Agreement and Plan of Merger, dated July 14, 2015, by and among Celgene, Strix Corporation and Receptos, Inc.

The board of directors of Receptos has unanimously determined that the offer is fair, advisable and in the best interests of Receptos and its stockholders and recommends that the stockholders of Receptos accept the offer and tender their shares.

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

Complete terms and conditions of the tender offer can be found in the Offer to Purchase, Letter of Transmittal and other related materials that will be filed by Celgene and Strix Corporation with the SEC on July 28, 2015. In addition, on July 28, 2015, Receptos will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC relating to the offer. Original Source)

Shares of Celgene Corporation closed yesterday at $132.56. 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 $121.16 and its 200-day moving average is $118.35.

On the ratings front, Celgene Corporation has been the subject of a number of recent research reports. In a report released yesterday, 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 11.9% and 14.1% respectively. Harrison has a success rate of 65.2% and is ranked #908 out of 3717 analysts, while Newman has a success rate of 59.4% and is ranked #185.

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 10.1% above where the stock closed yesterday.


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