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Celgene Corp. (CELG) Message Board

  • LeboLebo LeboLebo Nov 25, 1998 9:50 AM Flag

    Short Position Rises

    Short position as of 11/13/98 = 1.4 Million an increase of more than 100 K.

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    • I once bought unisys at $5 1/2 because they
      looked like they would recover and there was (the best I
      can recall) 17,000,000 shares short! The day it
      started to move, I was glued to the ticker all day long.
      It rose 1/2 point every few minutes! By the end of
      the day it was near $13. I waited a while and sold
      out at $11.00 for a nice double. It was fun!

      • 1 Reply to dtrauffer
      • Streetwalker

        200 Best Small Company
        Database

        Edited by Matthew Schifrin

        Leper stock


        TO HEAR Warren, N.J.-based Celgene (NASDAQ:

        CELG) tell it, you'd think it had a blockbuster on
        its

        hands as potent as Viagra or Prozac. What it
        has
        got is a drug called Thalomid, and it is
        claiming
        that it has the potential to treat such
        horrible
        diseases as aids, cancer, Crohn's disease and

        leprosy. Ring a bell? Thalomid is just another
        name
        for Thalidomide, which became infamous in
        the
        1950s and 1960s as one of the biggest

        pharmaceutical horror stories of the 20th century.


        Thalidomide was a widely used sleeping pill and

        morning-sickness cure in the 1950s. It was
        implicated as the
        cause of grisly birth defects in
        8,000 children.
        Never approved in the U.S., it
        was banned worldwide
        in 1962. Lawsuits and
        headlines lingered for
        years, making
        "Thalidomide" synonymous with
        limbless
        newborns and scandal.

        On July 16, 1998
        Celgene got approval from the
        Food & Drug
        Administration for Thalomid to be
        used to treat a skin
        malady called erythema
        nodosum leprosum (ENL) that
        mostly afflicts
        leprosy patients who are on
        antibiotics. There are
        less than 1,000 leprosy patients
        under treatment in
        the U.S. Since only a fraction
        of them will need
        Thalomid, the company is
        hyping off-label
        uses�not yet fda approved�as the
        big payoff.
        Since Celgene had only $1 million in
        revenues in
        1997, mostly from its chiral
        agrochemical
        business, it badly needs a boost. Bulls say

        Thalomid will generate some $40 million in 1999.
        The
        hype pushed Celgene's stock to $15 in July,
        and it
        was recently selling at $9.25, giving it a
        market
        capitalization of over $150 million.

        Streetwalker
        sources report that many doctors
        and patients are
        scared stiff of Thalidomide,
        especially on off-label
        uses for the drug. It took
        six years to develop
        Thalomid and secure
        approval from the fda for the
        leprosy applications;
        count on many more years for
        any cancer
        treatments.

        Another problem
        for Celgene comes from its chief
        competitor,
        EntreMed�the company that saw its
        stock quadruple amid
        hyped news that its cancer
        cure works in mice.
        EntreMed has already
        secured "orphan drug" status for
        its own version
        of Thalidomide for an
        aids-related skin cancer.
        That means that if and when its
        drug is
        fda-approved, it will receive seven years
        of
        exclusive marketing rights for the drug in the
        U.S.

        Drug analysts at firms like Prudential
        Securities
        and Warburg Dillon Read rate the stock a
        "strong
        buy." Streetwalker emphatically disagrees and

        recommends shorting it. Celgene is running out of
        cash.
        It lost $27 million in 1997, currently has $12

        million in cash and is burning through $7 million
        per
        quarter. Says one bear, "They've got another
        six
        months unless they can get the stock up and
        do a
        deal."
        �Stephan Herrera
        -- Forbes 11/2/98

    • Does anyone understand the thinking of the
      additional shorts as of 11/13/98? How low do they think CELG
      might drop. Why aren't they afraid that the
      "Non-Celgene-World" might wake up and start chasing this stock up to
      a fair price, and that they will have to cover
      their bets?

      • 1 Reply to enzyman
      • Short increase probably relates to Forbes (or was
        it Fortune) article recommending shorting. It is
        extremely encouraging that the stock has actually gone up
        during this period of increasing short interest. They
        are setting themselves up for a short squeeze of epic
        proportions once the positive announcements start coming. BTW
        - I have been in touch via EMAIL with Dr. Targan's
        associates - the Thalidomide Crohns trial at CS's IBD center
        is concluding - early results were very positive as
        far as Thals treatment of Crohns - results published
        next year - It is an extremely positive sign that near
        the conclusion of the Thal test they have filed with
        the FDA re: SelCids for Crohns. The Thal test must
        have went very,very well. We should be hearing several
        positive things from Warren NJ in the next couple of
        months. The shorts will be SQUEEZED - large short
        iinterest is tremendous given the upcoming positives
        expected.

 
CELG
109.60+3.48(+3.28%)Dec 24 12:59 PMEST

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