NEW YORK (TheStreet) -- Celgene (CELG) - Get Celgene Corporation Report shares closed trading down 4.21% to $117.01 on Wednesday as biotech stocks across the board were hit today as fears of an impending bubble in the sector rocked the NBI and smaller cap XBI ETFs today. 

The XBI -- SPDR S&P Biotech ETF fell 5% in trading today and has decreased 7% over the past five days, while the NBI ETF closed trading down 4.14% to $3,571.33.

Fears of an industry bubble stem from the meteoric rise of the Nasdaq Biotech Index which has increased 240% since 2012, eclipsing the 82% gains the Nasdaq-100 has experienced over the same period, according to the Wall Street Journal.

Biotech stocks led the market wide sell off today as the Dow Jones fell 292 points today while the S&P fell 30 points and the Nasdaq dropped 118 points in trading.

Other biotech stocks also experiencing sharp declines today include Biogen (BIIB) - Get Biogen Inc. Report, down 4.66%, bluebird bio (BLUE) - Get bluebird bio, Inc. Report, down 8.88%, and Isis Pharmaceuticals (ISIS) , down 8.55%.

TheStreet Ratings team rates CELGENE CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate CELGENE CORP (CELG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

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