Joseph Ray, President of Gerald L. Ray & Associates, says now is the time for investors to buy Celgene Corporation (CELG).
One of our favorite longtime holdings, which has gotten cheaper, like most of the market in recent weeks, is Celgene. That’s a biotech stock, which is a bit of a dirty word I think around Wall Street these days, but it’s an area we’ve been very successful in investing in the last really, I’d say, 15 years or so. We’ve owned Celgene for a long time. We’re buying it still for new accounts. We think that the pullback in the shares is a great opportunity.
REVLIMID is a fantastic story, continues to grow. They have more uses for the drug. It’s being used longer, it’s being used with co-agents, and Celgene is one of the best companies to partner with. There is a lot in the pipeline.
Ray says Celgene is looking at somewhere around 17% sales growth for this year and 20% earnings growth.
The company has actually published a $13 number for 2020. The biggest question involving the stock was a patent issue on REVLIMID, their biggest drug, and they’ve favorably resolved that, and yet, the stock is down from that time. Therefore, we think it’s a tremendous opportunity to step into a really quality health care company.
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