Zacks Investment Research upgraded shares of Celgene Corporation (NASDAQ:CELG) from a hold rating to a buy rating in a report published on Tuesday, July 18th. They currently have $151.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Celgene’s key growth driver, Revlimid, continues to outperform on the back of market share gains and increased duration. Celgene continues to progress with its label expansion efforts and pipeline development. Revlimid was approved as a single agent for maintenance therapy in adult patients with NDMM following ASCT both in the U.S. and EU. Celgene’s NDA for Idhifa for relapsed and/or refractory acute myeloid leukemia was granted Priority Review with a PDUFA action date of Aug 30, 2017. Label expansion of drugs would boost revenues significantly. Moreover, shares of Celgene have outperformed the industry in the past one year. However, Celgene is highly dependent on Revlimid. Otezla sales in the first quarter were impacted by managed care dynamics that drove lower total marketplace prescriptions for psoriasis therapies although the pressure should ease as the year goes.”
Several other equities research analysts also recently commented on the company. SunTrust Banks, Inc. reiterated a buy rating and issued a $150.00 price objective on shares of Celgene Corporation in a report on Friday, July 14th. Vetr cut Celgene Corporation from a strong-buy rating to a buy rating and set a $149.76 target price on the stock. in a research report on Friday, July 14th. Jefferies Group LLC reissued a buy rating and issued a $160.00 target price on shares of Celgene Corporation in a research report on Tuesday, July 11th. Bank of America Corporation reissued a buy rating and issued a $153.00 target price on shares of Celgene Corporation in a research report on Monday, July 10th. Finally, Credit Suisse Group set a $148.00 target price on Celgene Corporation and gave the stock a buy rating in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $147.00.
Celgene Corporation (NASDAQ:CELG) traded up 0.18% during midday trading on Tuesday, hitting $130.61. 2,735,623 shares of the company were exchanged. The firm’s 50-day moving average price is $134.14 and its 200-day moving average price is $124.30. Celgene Corporation has a one year low of $96.93 and a one year high of $139.00. The stock has a market capitalization of $102.18 billion, a PE ratio of 40.45 and a beta of 1.89.
Celgene Corporation (NASDAQ:CELG) last released 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 return on equity of 68.51% and a net margin of 21.35%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period last year, the company earned $1.44 EPS. Celgene Corporation’s revenue for the quarter was up 18.7% on a year-over-year basis. Equities research analysts anticipate that Celgene Corporation will post $7.32 earnings per share for the current year.
In related news, Director Gilla Kaplan sold 7,500 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $134.52, for a total transaction of $1,008,900.00. Following the completion of the sale, the director now directly owns 76,301 shares in the company, valued at approximately $10,264,010.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rupert Vessey sold 4,785 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $120.18, for a total value of $575,061.30. Following the sale, the insider now owns 4,004 shares of the company’s stock, valued at $481,200.72. The disclosure for this sale can be found here. Insiders sold a total of 235,255 shares of company stock valued at $31,377,042 over the last quarter. Company insiders own 0.95% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Thompson Davis & CO. Inc. raised its position in shares of Celgene Corporation by 5.9% in the second quarter. Thompson Davis & CO. Inc. now owns 773 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 43 shares in the last quarter. Motco raised its position in shares of Celgene Corporation by 306.9% in the first quarter. Motco now owns 822 shares of the biopharmaceutical company’s stock valued at $102,000 after buying an additional 620 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Celgene Corporation during the first quarter valued at about $118,000. Carroll Financial Associates Inc. raised its position in shares of Celgene Corporation by 70.9% in the first quarter. Carroll Financial Associates Inc. now owns 964 shares of the biopharmaceutical company’s stock valued at $119,000 after buying an additional 400 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new position in shares of Celgene Corporation during the second quarter valued at about $129,000. 78.41% of the stock is currently owned by institutional investors.
Celgene Corporation 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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