The board of directors at
) recommended a two-for-one stock split. The action is subject to
shareholders clearing the change in Celgene's certificate of
incorporation to double the number of authorized shares to 812
million. A decision regarding the matter is expected to be
reached on Jun 18, 2014, at the annual meeting of the
shareholders of Celgene.
Celgene stated in its press release that further details will
be disclosed through a proxy statement, which will be available
to the company's shareholders by Apr 30, 2014. Following the
stock split, every shareholder at Celgene will get an additional
share for each share he/she currently holds.
The share price would become half the previous value as a
stock split does not alter the value of a company. Stock split
would definitely enhance shareholders' confidence making the
shares more affordable.
Celgene, which recently announced fourth quarter 2013 results,
provided a rosy long-term projection earlier in the year driven
by its strong product portfolio. Moreover, with multiple pipeline
events lined up, the product portfolio will be bolstered further
in the event of the pipeline delivering.
Management at Celgene is highly bullish on the prospects of
its pipeline candidate apremilast (proposed brand name: Otezla).
Apremilast is under review in the U.S. for the psoriatic
arthritis indication (target date: Mar 21, 2014). The candidate
is also under review in the U.S. for the moderate-to-severe
psoriasis indication (target date: Sep 23, 2014).
Celgene is also seeking EU approval for the candidate in the
combined psoriasis and psoriatic arthritis indication. The
European Committee for Medicinal Products for Human Use (CHMP) is
expected to render its opinion by Dec 31, 2014.
Celgene, a biopharmaceutical company, carries a Zacks Rank #3
Alexion Pharmaceuticals, Inc.
) are examples of better-ranked stocks in the biopharma space.
While Actelion and Alexion carry a Zacks Rank #1 (Strong Buy),
Medivation holds a Zacks Rank #2 (Buy).
ACTELION LTD (ALIOF): Get Free Report
ALEXION PHARMA (ALXN): Free Stock Analysis
CELGENE CORP (CELG): Free Stock Analysis
MEDIVATION INC (MDVN): Free Stock Analysis
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