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Celgene Corporation (NASDAQ:CELG) experienced a slight pullback last week after the company reported its quarterly earnings, but we expect the pullback to be only temporary.
Celgene beat its revenue estimates by $40 million and its earnings estimates by $0.04 per share — coming in at $3.27 billion and $1.82 per share, respectively. However, the company failed to boost its full-year guidance for 2017, and this seems to have led to a bit of profit-taking, which took the stock back down to support at $134 (the same price level the stock broke up through when it completed its bullish continuation pattern in early July). We expect this support level to hold and for CELG to revisit its recent highs of ~$139.
While Congressional health care negotiations certainly seem to have hit a brick wall at the moment, we think it is too early to say that there is no chance for a revival of negotiations. In the meantime, CELG continues to grow.
‘Buy to open’ the CELG September 140 Calls (CELG170915C00140000) for a maximum price of $2.30.
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