Should You Avoid Celgene Stock After Its Big Pipeline Setback?

Even some of the biggest and best have things go wrong every now and then. Celgene (NASDAQ: CELG) has been the best-performing biotech stock over the last five years among big biotechs with market caps over $50 billion. And now, something has gone terribly wrong for Celgene.

The company announced after the market closed on Thursday that it was discontinuing a late-stage study of GED-0301 (mongersen) in treating Crohn's disease, and wouldn't start another planned late-stage study of the drug in the same indication. Celgene stock sank on Friday following the update. With this big pipeline setback, should you now avoid Celgene stock altogether?

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Source: Fool.com