Today’s Research Reports on Stocks to Watch: Celgene and Pfizer
NEW YORK, NY / ACCESSWIRE / April 4, 2018 / Celgene shares were little changed on Tuesday after seeing a drop on Monday when the company announced that a key executive was stepping down. Shares of Pfizer saw a slight gain on the news that it would be taking a 25% stake in Allogene Therapeutics, an allogeneic therapies company based in California.
RDI Initiates Coverage on:
Celgene Corporation
https://rdinvesting.com/report/?ticker=CELG
Pfizer Inc.
https://rdinvesting.com/report/?ticker=PFE
Celgene Corporation shares closed down a modest 0.28% yesterday on nearly 8.4 million shares traded. The company announced on Monday that its president and chief operating officer Scott Smith would be stepping down from his position. There was no reason given for his departure. In his place will be Mark Alles, the company's chief executive officer since 2016. It's been about a month since U.S. health regulators had rejected the company's application for approval of its multiple sclerosis drug candidate called ozanimod because of insufficient data. According to the Food and Drug Administration, the nonclinical and clinical pharmacology sections in the company's New Drug Application were inadequate to allow a complete review. Celgene made a statement that it is "reshuffling its executive team to enhance leadership focus."
Access RDI’s Celgene Corporation Research Report at:
https://rdinvesting.com/report/?ticker=CELG
Pfizer Inc. shares closed up 1.80% on about 20.2 million shares traded on Tuesday. The biotech company made headline yesterday after announcing that it would transfer its CAR-T assets to Allogene Therapeutics and take a 25% stake in Allogene Therapeutics. The move will enable Pfizer to accelerate the development of CAR T cell therapies that are sourced from donors rather than patients. Allogene is a San Francisco-based company that specializes in allogeneic therapies that are engineered from the cells of healthy donors. According to analyst Tony Butler of Guggenheim, the agreement "marks a shift in Pfizer's strategy from an active role to a passive role in the CAR-T space." He also wrote in his note to clients that the creation of therapies for blood cancers as well as solid tumors from allogeneic CAR T cells could be "disruptive" when it comes to immuno-oncology. As part of the deal, Allogene will receive rights to 16 pre-clinical CAR T assets from Pfizer, licensed from Cellectis SA and Servier, both based in France.
Access RDI’s Pfizer Inc. Research Report at:
https://rdinvesting.com/report/?ticker=PFE
Our Actionable Research on Celgene Corporation (NASDAQ: CELG) and Pfizer Inc. (NYSE: PFE) can be downloaded free of charge at Research Driven Investing.
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