CI Investments Inc. Cuts Stake in Celgene Corporation (NASDAQ:CELG)

CI Investments Inc. decreased its stake in Celgene Corporation (NASDAQ:CELG) by 2.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 623,650 shares of the biopharmaceutical company’s stock after selling 15,900 shares during the period. CI Investments Inc. owned approximately 0.08% of Celgene Corporation worth $77,601,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Zurich Insurance Group Ltd FI increased its stake in Celgene Corporation by 25.3% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 140,194 shares of the biopharmaceutical company’s stock valued at $16,227,000 after buying an additional 28,310 shares during the period. Guardian Capital LP acquired a new stake in shares of Celgene Corporation during the fourth quarter valued at $223,000. Roundview Capital LLC increased its stake in shares of Celgene Corporation by 0.5% in the fourth quarter. Roundview Capital LLC now owns 21,318 shares of the biopharmaceutical company’s stock valued at $2,468,000 after buying an additional 100 shares during the last quarter. Fred Alger Management Inc. increased its stake in shares of Celgene Corporation by 37.6% in the fourth quarter. Fred Alger Management Inc. now owns 2,522,465 shares of the biopharmaceutical company’s stock valued at $291,975,000 after buying an additional 689,311 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC increased its stake in shares of Celgene Corporation by 10.9% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 44,100 shares of the biopharmaceutical company’s stock valued at $5,105,000 after buying an additional 4,340 shares during the last quarter. Institutional investors own 78.39% of the company’s stock.

Shares of Celgene Corporation (CELG) opened at 134.10 on Monday. Celgene Corporation has a 1-year low of $96.93 and a 1-year high of $139.00. The firm has a market cap of $104.71 billion, a P/E ratio of 41.53 and a beta of 1.89. The firm has a 50 day moving average price of $131.06 and a 200 day moving average price of $122.99.

Celgene Corporation (NASDAQ:CELG) last posted its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.61 by $0.21. Celgene Corporation had a net margin of 21.35% and a return on equity of 68.51%. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same quarter in the previous year, the firm posted $1.44 earnings per share. Celgene Corporation’s quarterly revenue was up 18.7% on a year-over-year basis. Analysts anticipate that Celgene Corporation will post $7.32 EPS for the current year.

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Several equities analysts have commented on CELG shares. Leerink Swann raised Celgene Corporation from a “market perform” rating to an “outperform” rating and upped their price target for the company from $94.42 to $150.00 in a report on Friday, June 16th. They noted that the move was a valuation call. Goldman Sachs Group, Inc. (The) reaffirmed a “sell” rating and issued a $98.00 price target (up previously from $93.00) on shares of Celgene Corporation in a report on Wednesday, May 17th. William Blair reaffirmed an “outperform” rating on shares of Celgene Corporation in a report on Monday, June 26th. Canaccord Genuity set a $156.00 target price on Celgene Corporation and gave the stock a “buy” rating in a report on Monday, May 22nd. Finally, BTIG Research cut Celgene Corporation from a “buy” rating to a “neutral” rating and increased their target price for the stock from $96.93 to $131.70 in a report on Friday, June 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-two have issued a buy rating to the company. Celgene Corporation presently has a consensus rating of “Buy” and a consensus target price of $143.61.

In related news, insider Robert J. Hugin sold 175,970 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $134.14, for a total transaction of $23,604,615.80. Following the sale, the insider now owns 1,033,909 shares of the company’s stock, valued at $138,688,553.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rupert Vessey sold 4,785 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $120.18, for a total transaction of $575,061.30. Following the completion of the transaction, the insider now owns 4,004 shares in the company, valued at approximately $481,200.72. The disclosure for this sale can be found here. Insiders have sold 227,755 shares of company stock worth $30,368,142 in the last three months. 0.95% of the stock is currently owned by insiders.

About Celgene Corporation

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.