NEW YORK (TheStreet) -- Celgene (CELG) shares are up 0.1% to $117.04 in afternoon trading on Friday and is the subject of today's Trifecta Stocks 'Chart of the Day' analysis.
On Wednesday the company announced an additional $4 billion to its share buyback program.
The company now has a total of $5.2 billion remaining from previous authorizations in addition to the new authorization. The company said that it has returned $12.3 billion to shareholders through its repurchase program since 2009.
Insight from TheStreet's Research Team:
Here is what Trifecta Stocks Bryan Ashenburg and Bob Lang had to say about what the stock's chart can tell you about its future performance.
Biotech names have been strong lately, but Celgene has been a laggard. That may be changing, however, given the very strong move on high turnover on Thursday.
We see the powerful move above the downtrend channel in place, and given the Relative Strength, it appears there is more upside to come. The Moving Average Convergence Divergence is flashing a new buy signal. It's time to play catch up.
DISCLOSURE: Trifecta Stocks has no position in CELG. This Alert is a technical analysis of the company's chart, and we are not taking any action in the stock at this time.
-Bryan Ashenberg and Bob Lang, 'Chart of the Day CELG', 6/19/2015
TheStreet Ratings team rates CELGENE CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation: