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Industry conferences are often just the tradable catalysts that investors need. So Cramer has his eye on this weekend’s American Society of Hematology 50th annual meeting. He’s expecting Celgene to shine, and apparently so is Wall Street, giving traders a chance at a quick profit if things go according to plan.
Celgene [CELG
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] is supposed to provide guidance for at least the first quarter of 2009 during an investor dinner Sunday. The Street is projecting revenue growth of 44% and earnings-per-share growth of 36%. If those numbers work out, the stock should pop.
But Cramer likes Celgene far beyond the short term. That’s why his charitable trust owns CELG. Sales of Revlimid, the company’s blood cancer drug, are expected to reach $3 billion by 2012, while orphan drug Vidaza should bring in $409 million next year. Remember, orphan drugs receive special exclusivity status in both the U.S. and Europe as incentive for companies to research and produce treatments for rare diseases. Vidaza, used to fight myelodysplastic syndromes, will face no competition in the U.S. until 2011 and Europe until 2018.
Celgene also has over 100 clinical trials in the pipeline to expand the usage of its already-approved drugs in addition to its continuing development of other new treatments for inflammation diseases and psoriatic arthritis.
This is a company with great earnings visibility, plenty of room to grow, an expected $2.2 billion in cash by the end of the year and no debt. Celgene’s stock is down $25 from its high and trading at only 23 times earnings. Cramer thinks it should be 30 times earnings easy, which would push the stock up to $69 a share.
This is just the kind of stock – biotech – that the Democrats, who just captured the White House, love. And in an economy and market environment like the one we’re in, you’d be hard-pressed to find a better investment. At least Cramer thinks so.
Jim’s charitable trust owns Celgene.
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