U.S. Markets closed

Jerome Dodson Comments on Celgene

- By Holly LaFon

Our biggest winner this quarter was also one of our most recent additions. Celgene (NASDAQ:CELG) is a biopharmaceutical company focused on the treatment of blood cancer and inflammatory diseases. Its stock added 222 basis points to the Fund's performance, as it jumped from $64.09 to $94.34, for a total return of 47.2%. The stock spiked when drug company Bristol Meyers announced plans to acquire Celgene for $74 billion, or about $102 per share, in cash and stock. Although some of Bristol's shareholders later opposed the deal, Celgene's stock got another boost when major proxy advisory firms came out in favor of the combination.


From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund first-quarter 2019 shareholder commentary.
This article first appeared on GuruFocus.