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Celgene rebounds after initial drop

NEW YORK
Wed Apr 11, 2007 8:12am EDT

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NEW YORK (Reuters) - Shares of Celgene Corp. (CELG.O) dropped by as much as 5.2 percent before the bell on Wednesday, but within moments they cut that loss and were little changed as investors determined that news of a drug trial suspension didn't mark a negative development.

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According to a Lazard Capital Markets analyst Matthew Osborne, a trial of Celgene's cancer drug, Revlimid, was halted to amend the protocol so that patients can be switched to a regimen that has recently shown to improve survival.

Initially the stock dropped to $55.02 in electronic trade but then recovered to hold at $58, after closing at $58.04 on the Nasdaq.
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