Celgene (CELG) Stock Is the ‘Chart of the Day’

TheStreet’s Chris Versace and Bob Lang said biotech companies like Celgene (CELG) are slowly but surely staging a quiet resurgence.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of Celgene (CELG) - Get Report  are up 0.42% to $107.90 in early-afternoon trading.

Celgene announced a potential $2.3 billion deal with Jounce Therapeutics, a Cambridge, MA-based cancer drug company this week. Celgene is paying $255 million upfront for Jounce to fund a new generation of drugs to stimulate the immune system to fight tumors, the Boston Globe reports.

Celgene, based in Summit, NJ, is a biopharmaceutical company focusing on cancer treatment.

TheStreet'sChris Versace and Bob Lang of Trifecta Stocks have identified Celgene as Friday's "Chart of the Day." Here is what Versace and Lang had to say about the stock:

Biotechs are slowly, but surely, staging a quiet resurgence, helped by some solid earnings from the bigger names, like Biogen (BIIB). The chart of Celgene is bursting higher too, on solid turnover and tremendous relative strength.

The downtrend channel was pierced Thursday with vigor, and now the resistance lies at the gaps ahead at $115 and $120 -- which will be filled very soon. The Moving Average Convergence Divergence is on a buy signal, and pushing through the 200-day moving average is critical, so we would like to see a confirmation today.

- Chris Versace and Bob Lang "Chart of the Day: Celgene" originally published on 7/22/16 on Trifecta Stocks.

Want more like this from Chris Versace and Bob Lang BEFORE your stock moves?Learn more about Trifecta Stocks now here.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

TheStreet Ratings rated this stock as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, expanding profit margins, growth in earnings per share and increase in net income. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: CELG

Loading ...