Celgene Corporation (NASDAQ:CELG) announced the election of Michael W. Bonney to its Board of Directors. Mr. Bonney served as Chief Executive Officer and a member of the Board of Directors of Cubist Pharmaceuticals, Inc. from June 2003 until his retirement on December 31, 2014.
In addition to his tenure as CEO of Cubist, Mr. Bonney’s vast healthcare experience includes serving as President and Chief Operating Officer of Cubist from January 2002 to June 2003; holding various positions of increasing responsibility at Biogen, Inc., from 1995 – 2001; and serving in positions of increasing responsibility in sales, marketing and strategic planning at Zeneca Pharmaceuticals over an eleven year period.
Mr. Bonney currently serves as a director of Alnylam Pharmaceuticals, Inc. He is also a trustee of the Tekla complex of life sciences and healthcare dedicated funds. Mr. Bonney was a Director of NPS Pharmaceuticals, Inc. from 2005 until its sale to Shire plc in February 2015. Mr. Bonney received a B.A. in Economics from Bates College and currently chairs the board of trustees of Bates College.
“Mike’s extensive leadership and operational experience will help guide us as we execute our key strategic imperatives,” said Bob Hugin, Celgene Chairman and Chief Executive Officer. “Celgene will benefit greatly from Mike’s knowledge and insights on the increasingly dynamic global healthcare environment.” (Original Source)
Shares of Celgene closed yesterday at $115.78 . CELG has a 1-year high of $129.06 and a 1-year low of $66.85. The stock’s 50-day moving average is $119.02 and it’s 200-day moving average is $112.23.
On the ratings front, Celgene has been the subject of a number of recent research reports. In a report issued on March 31, Citigroup analyst Yaron Werber maintained a Buy rating on CELG, with a price target of $143, which represents a potential upside of 23.5% from where the stock is currently trading. Separately, on March 25, Canaccord Genuity’s John Newman reiterated a Buy rating on the stock and has a price target of $156.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Yaron Werber and John Newman have a total average return of 27.2% and 15.9% respectively. Werber has a success rate of 79.7% and is ranked #81 out of 3574 analysts, while Newman has a success rate of 63.5% and is ranked #260.
In total, one research analyst has 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 $115.78 which is 29.8% above where the stock closed yesterday.
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.