Shares of pharmaceutical giant Celgene (CELG - Get Report) slipped on Friday after receiving an analyst downgrade from Baird, despite posting better-than-expected quarterly results. 

Celgene shares fell 0.87%, or 94 cents, to $107.09 in premarket trading on Friday after Baird analyst Brian Skorney cut his recommendation on the company to neutral from outperform, and lowered his price target to $101.

Celgene on Thursday posted third-quarter earnings of $1.69 billion, or $2.32 a share, up from $1.08 billion, or $1.50 a share, in the year-earlier period. Adjusted per-share earnings came in at $2.99, well ahead of the $2.70 expected by analysts polled by FactSet. 

Revenue rose to $4.52 billion from $3.89 billion, also ahead of consensus estimates of $4.41 billion.

Bristol Myers-Squibb (BMY - Get Report) in January said it planned to acquire Celgene for $74 billion. As part of the agreement, Bristol-Myers and Celgene agreed to shed Celgene's oral psoriasis treatment Otezla to satisfy regulatory concerns. Bristol-Myers said it expects to complete the acquisition of Celgene by the end of the year.

Amgen (AMGN - Get Report) in late August said it would acquire the global rights to Otezla for $13.4 billion in cash, paving the way for Bristol Myers-Squibb to compete its acquisition of Celgene.

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