Diamonds and Dogs
Juno is jumping. Biotech, Juno Therapeutics (JUNO) is up 26% today after jumping 55% last week on now confirmed rumors that Celgene will acquire them to for $9 billion, or $87 a share in cash. Celgene said the deal, expected to close in the first quarter of this year, should add 50 cents a share to adjusted per-share earnings in 2018. Juno's JCAR017 treatment for non-Hodgkin lymphoma should "be a significant growth driver beyond 2020 with potential global peak sales of approximately $3 billion. Celgene has been looking to add to their pipeline after a promising drug was discontinued last year. Celgene's stock is unchanged, but down 30% in the last four months.
PetMed Express (PETS) initially soared 8% this morning before sinking into the red following earnings. PetsMed reported net income of 44 cents per share, growing 83% year over year and beating estimates of 32 cents. Sales rose nearly 14% to $60.1 million and topped expectations for $56.7 million. PetMed also increased its quarterly dividend to 25 cents per share, but unfortunately, shareholders are in the selling mood.