CELG's move up from around 46 was based on product development, pipeline, expectation there would be more patients using CELG's products, etc. hasn't figured in the price pressures from hematologists, insurance companies, etc.. Some patients complain about massive co-pays and insurance companies now hold back on premium increases. At some point the stock price gets beyond future earnings and even lifesaving products are more than priced in. When fewer patients can afford products and the company needs to sell its products, price increases and even current prices that are already in the stock price will CELG have fewer customers or lower the expected prices of products in development and products on the market?
Today's price action appears to be window dressing to me. Yesterday there was massive window dressing. Today, window dressing continued on CELG especially after a Cramer post praising many overbought stocks. Even he has said that window dressing on the last day of the quarter isn't transparent enough for institutional holders to continue window dressing. The question is whether he's wrong about that and there is more window dressing on Monday or whether window dressing is over.