JPMorgan Chase & Co. initiated coverage on shares of Celgene (NASDAQ:CELG) in a report issued on Wednesday morning. The firm issued an overweight rating and a $110.00 target price on the biopharmaceutical company’s stock.
Several other brokerages also recently commented on CELG. Vetr downgraded shares of Celgene from a strong-buy rating to a buy rating and set a $121.72 target price on the stock. in a research note on Monday, December 18th. Deutsche Bank began coverage on shares of Celgene in a research note on Tuesday, December 12th. They issued a hold rating and a $114.00 target price on the stock. Credit Suisse Group set a $128.00 target price on shares of Celgene and gave the company a buy rating in a research note on Tuesday, December 12th. Piper Jaffray Companies restated a hold rating on shares of Celgene in a research note on Sunday, December 10th. Finally, Oppenheimer set a $166.00 target price on shares of Celgene and gave the company a buy rating in a research note on Thursday, December 14th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $127.78.
Shares of CELG stock opened at $88.31 on Wednesday. Celgene has a 52 week low of $86.55 and a 52 week high of $147.17. The company has a debt-to-equity ratio of 2.29, a quick ratio of 4.80 and a current ratio of 4.99. The firm has a market cap of $66,394.54, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 0.62 and a beta of 1.58.
Celgene announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 14th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the biopharmaceutical company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, insider Mark J. Alles acquired 3,260 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was purchased at an average cost of $91.90 per share, with a total value of $299,594.00. Following the acquisition, 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Gilla Kaplan sold 9,250 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $94.83, for a total value of $877,177.50. Following the sale, the director now directly owns 94,801 shares of the company’s stock, valued at $8,989,978.83. The disclosure for this sale can be found here. Insiders have sold a total of 41,120 shares of company stock valued at $3,879,509 over the last three months. Company insiders own 0.95% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Virtue Capital Management LLC bought a new stake in shares of Celgene in the 4th quarter valued at about $101,000. Arcadia Investment Management Corp MI increased its stake in shares of Celgene by 118.7% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 737 shares of the biopharmaceutical company’s stock valued at $107,000 after acquiring an additional 400 shares during the last quarter. Robecosam AG bought a new stake in shares of Celgene in the 3rd quarter valued at about $114,000. Guidant Wealth Advisors bought a new stake in shares of Celgene in the 3rd quarter valued at about $119,000. Finally, American Beacon Advisors Inc. bought a new stake in shares of Celgene in the 4th quarter valued at about $120,000. 78.60% of the stock is owned by hedge funds and other institutional investors.
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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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