Zacks Investment Research downgraded shares of Celgene Corporation (NASDAQ:CELG) from a buy rating to a hold rating in a report released on Wednesday, July 19th.
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 weighed in on CELG. Jefferies Group LLC set a $154.00 target price on shares of Celgene Corporation and gave the stock a buy rating in a research report on Saturday, May 13th. Vetr downgraded shares of Celgene Corporation from a strong-buy rating to a buy rating and set a $132.90 target price for the company. in a research report on Thursday, May 11th. Cann reaffirmed a buy rating and set a $148.00 price objective on shares of Celgene Corporation in a research report on Tuesday, April 4th. BTIG Research reaffirmed a buy rating and set a $138.00 price objective on shares of Celgene Corporation in a research report on Monday, May 1st. Finally, Cantor Fitzgerald set a $159.00 price objective on shares of Celgene Corporation and gave the company a buy rating in a research report on Thursday, April 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $147.00.
Shares of Celgene Corporation (CELG) opened at 132.96 on Wednesday. Celgene Corporation has a 52-week low of $96.93 and a 52-week high of $139.00. The stock’s 50 day moving average price is $134.10 and its 200-day moving average price is $124.62. The stock has a market cap of $104.02 billion, a price-to-earnings ratio of 41.18 and a beta of 1.89.
Celgene Corporation (NASDAQ:CELG) last posted its earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.82 earnings per share for the quarter, beating the Thomson Reuters’ 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 business posted $1.44 EPS. The business’s quarterly revenue was up 18.7% on a year-over-year basis. On average, analysts predict that Celgene Corporation will post $7.32 earnings per share for the current fiscal year.
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In other Celgene Corporation news, Director Michael D. Casey sold 9,250 shares of Celgene Corporation stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $125.59, for a total value of $1,161,707.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Rupert Vessey sold 4,785 shares of Celgene Corporation stock in a transaction that occurred on Thursday, June 15th. The shares were 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 directly 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 a total of 253,761 shares of company stock worth $33,792,445 in the last three months. 0.95% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Thompson Davis & CO. Inc. increased its stake in Celgene Corporation by 5.9% in the second quarter. Thompson Davis & CO. Inc. now owns 773 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 43 shares during the period. Motco increased its stake in Celgene Corporation by 306.9% in the first quarter. Motco now owns 822 shares of the biopharmaceutical company’s stock worth $102,000 after buying an additional 620 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Celgene Corporation during the first quarter worth about $118,000. Carroll Financial Associates Inc. increased its stake in Celgene Corporation by 70.9% in the first quarter. Carroll Financial Associates Inc. now owns 964 shares of the biopharmaceutical company’s stock worth $119,000 after buying an additional 400 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in shares of Celgene Corporation during the second quarter worth $129,000. 78.34% of the stock is currently owned by hedge funds and other 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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