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UPDATE 2-FDA approves leukemia treatment developed by Celgene, Agios
* Oppenheimer estimates Idhifa sales of $1.4 bln in 2021
(Adds pricing details, analyst comments and share move)
Chipotle's stock tumbles to cusp of new bear market after Oppenheimer's downbeat outlook
Shares of Chipotle Mexican Grill Inc. slumped 2.3% toward a four-month low in morning trade Tuesday, after Oppenheimer said the downside risk still remains too risky to get bullish despite the recent sharp selloff. The stock has tumbled 19.7% since closing at a 14-month high of $496.14 on May 16, putting it on the cusp of kicking off a new bear market. Many Wall Streeters define a bear market as a decline of at least 20% from a bull-market peak. Oppenheimer analyst Brian Bittner reiterated his perform rating on the fast-casual Mexican food chain, which he's had on the stock since Jan. 4, 2016. "We remain cautious, despite CMG's recent [near] 20% pullback," Bittner wrote in a note to clients. "Our analysis within highlights material risk to the [Wall] Street's post-2017 earnings power thesis--a requirement to justify current valuation." Chipotle is scheduled to report second-quarter results on July 25, with analysts expecting a second-straight quarter of same-store sales growth following five-straight quarters of declines, according to FactSet. The stock has gained 5.7% year to date, but was still down 1.1% over the past year, while the S&P 500 has climbed 14% over the past 12 months.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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