Celgene (CELG), the No. 3 biotech by market cap, could rival Johnson & Johnson (JNJ), Galapagos (GLPS), Gilead Sciences (GILD) and Biogen (BIIB) with a Crohn’s disease drug that topped efficacy expectations, the company said Sunday — prompting a boost in shares on Monday.
In the stock market today, Celgene stock lifted 1.2% to 99.64, after briefly slipping to a three-month low below 98. Shares are down 18% this year. RBC analyst Michael Yee says politics are tamping down biotech stocks.
