Celgene Upgraded to Outperform and 2 Healthcare Stocks on the Move
In 2013, stocks in the 540-company strong sector will face pressures from the still-recovering economy, but as Dan Hunt, a co-portfolio manager for the Allianz RCM Wellness Fund told The Street in November, companies have primarily gone through the big patent cliffs and earnings have been rebased at a reasonable rate. Furthermore, the industry will benefit from the huge influx of 30 million new customers that will receive health insurance as a result of ObamaCare.
Here’s a look at three stocks starting off the new year with a spike:
1) Celgene (NASDAQ:CELG): Current Price $91.42
Pushed up by a positive forecast on Monday and several analyst upgrades, shares of the biotechnology company traded slightly above the stock’s five-year high of $91.40 on Tuesday. The company, which has the third largest market capitalization in the industry, updated its guidance for its upcoming fiscal year, which drew analysts’ interest.
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