Celgene (NASDAQ:CELG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, February 27th.
According to Zacks, “Celgene’s growth driver Revlimid continues to perform well and a potential label expansion of the drug will further boost performance. Sales of Otezla have picked up too after a slowdown in the third quarter. Celgene was on the look-out of new deals and acquisitions given a lacklustre 2017 and the announcement of Juno’s acquisition was on the same track. The acquisition is expected to position Celgene as a prominent company in the cellular immunotherapy space. However, Celgene’s stock has underperformed the industry in the last six months. Celgene suffered a setback as the label expansion study on lead drug Revlimid failed in phase III. The stock was hit earlier after a phase III trial, REVOLVE, (CD-002) on pipeline candidate GED-0301 in Crohn’s disease and the extension trial, SUSTAIN (CD-004) was discontinued. “
A number of other equities research analysts have also recently weighed in on CELG. Leerink Swann reissued a “buy” rating and issued a $120.00 price target on shares of Celgene in a research report on Friday, December 22nd. BTIG Research reissued a “hold” rating on shares of Celgene in a research report on Tuesday, January 23rd. Credit Suisse Group set a $123.00 price target on shares of Celgene and gave the company a “buy” rating in a research report on Thursday, December 28th. SunTrust Banks set a $127.00 price target on shares of Celgene and gave the company a “buy” rating in a research report on Monday, January 8th. Finally, Cantor Fitzgerald set a $112.00 price target on shares of Celgene and gave the company a “hold” rating in a research report on Monday, January 8th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $128.22.
Celgene (NASDAQ:CELG) last issued its earnings results on Thursday, January 25th. The biopharmaceutical company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.09. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.46 billion. Celgene had a net margin of 22.38% and a return on equity of 67.50%. The company’s revenue was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.61 earnings per share. analysts expect that Celgene will post 7.66 EPS for the current year.
Celgene declared that its board has initiated a stock repurchase program on Wednesday, February 14th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the biopharmaceutical company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Mark J. Alles bought 3,260 shares of the stock in a transaction on Thursday, February 8th. The shares were bought at an average cost of $91.90 per share, for a total transaction of $299,594.00. Following the completion of the transaction, the insider now owns 178,904 shares of the company’s stock, valued at approximately $16,441,277.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James J. Loughlin sold 9,250 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $92.01, for a total transaction of $851,092.50. The disclosure for this sale can be found here. Insiders have sold 41,120 shares of company stock valued at $3,879,509 over the last three months. 0.95% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. ADAMCAPITAL Gestao de Recursos Ltda. acquired a new stake in shares of Celgene in the fourth quarter valued at approximately $30,010,000. Cambridge Investment Research Advisors Inc. grew its position in shares of Celgene by 7.0% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 37,350 shares of the biopharmaceutical company’s stock valued at $3,898,000 after purchasing an additional 2,459 shares during the last quarter. Fairfield Bush & CO. grew its position in shares of Celgene by 22.5% in the fourth quarter. Fairfield Bush & CO. now owns 16,025 shares of the biopharmaceutical company’s stock valued at $1,672,000 after purchasing an additional 2,945 shares during the last quarter. Wagner Wealth Management LLC acquired a new stake in shares of Celgene in the fourth quarter valued at approximately $129,000. Finally, Xact Kapitalforvaltning AB grew its position in shares of Celgene by 8.4% in the fourth quarter. Xact Kapitalforvaltning AB now owns 198,484 shares of the biopharmaceutical company’s stock valued at $20,714,000 after purchasing an additional 15,355 shares during the last quarter. Institutional investors own 78.67% of the company’s stock.
Celgene Company Profile
Celgene Corporation is an integrated global biopharmaceutical company. The Company, together with its subsidiaries, is engaged in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation.
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