Did Traders Get SuperGen & Celgene Wrong? (SUPG, CELG)
There are two interesting calls out this morning around SuperGen (NASDAQ: SUPG). As you will recall, it was just under pressure yesterday over Dacogen missed its primary endpoints in trials. SuperGen closed down at $1.75 yesterday on almost 2.8 million shares. SuperGen came close to a 52-week low yesterday as its year-range had been $1.66 to $6.63.
But this morning we have already seen two analyst UPGRADES in the stock. Rodman & Renshaw has raised its old “Market Perform” rating up to a higher “Market Outperform” rating. Susquehanna Financial, another boutique, has raised its prior “Neutral” rating to a higher “Positive” rating.
Keep in mind these are boutique calls and have yet to generate any trades this morning. But shares are indicated higher after a near 15% drop on the bad news. This news was what gave Celgene Corp. (NASDAQ: CELG) such a large pop yesterday. Interestingly enough, Celgene shares are also popping by 1% higher in pre-market trading.
Jon C. Ogg
July 2, 2008