Oppenheimer & Co. Inc. lessened its stake in Celgene Co. (NASDAQ:CELG) by 6.1% during the second quarter, Holdings Channel reports. The institutional investor owned 124,365 shares of the biopharmaceutical company’s stock after selling 8,117 shares during the period. Oppenheimer & Co. Inc.’s holdings in Celgene were worth $9,877,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CELG. Indiana Trust & Investment Management CO bought a new stake in shares of Celgene during the 2nd quarter valued at about $1,307,000. Prospera Financial Services Inc bought a new stake in shares of Celgene during the 2nd quarter valued at about $352,000. Headinvest LLC bought a new stake in shares of Celgene during the 2nd quarter valued at about $1,819,000. Edgewood Management LLC boosted its position in shares of Celgene by 3.9% during the 1st quarter. Edgewood Management LLC now owns 11,980,937 shares of the biopharmaceutical company’s stock valued at $1,068,819,000 after purchasing an additional 447,445 shares in the last quarter. Finally, Lederer & Associates Investment Counsel CA bought a new stake in shares of Celgene during the 2nd quarter valued at about $1,423,000. Hedge funds and other institutional investors own 73.20% of the company’s stock.
CELG has been the topic of several research analyst reports. Credit Suisse Group set a $129.00 target price on Celgene and gave the company a “buy” rating in a research report on Saturday, May 5th. Leerink Swann restated a “buy” rating and set a $115.00 target price (down previously from $123.00) on shares of Celgene in a research report on Monday, May 7th. Barclays set a $107.00 target price on Celgene and gave the company a “buy” rating in a research report on Sunday, May 6th. Canaccord Genuity restated a “buy” rating on shares of Celgene in a research report on Wednesday, May 30th. Finally, Standpoint Research upgraded Celgene from a “hold” rating to a “buy” rating in a research report on Monday, June 18th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. Celgene currently has a consensus rating of “Buy” and an average price target of $121.85.
In other news, Director James J. Loughlin sold 17,750 shares of the stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $78.96, for a total value of $1,401,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John H. Weiland acquired 5,575 shares of the stock in a transaction dated Tuesday, August 7th. The stock was bought at an average cost of $89.73 per share, with a total value of $500,244.75. The disclosure for this purchase can be found here. Over the last three months, insiders sold 42,750 shares of company stock valued at $3,533,390. Company insiders own 0.39% of the company’s stock.
CELG stock opened at $94.14 on Thursday. The company has a market cap of $64.37 billion, a P/E ratio of 13.76, a PEG ratio of 0.55 and a beta of 1.32. Celgene Co. has a fifty-two week low of $74.13 and a fifty-two week high of $147.17. The company has a debt-to-equity ratio of 5.76, a quick ratio of 1.40 and a current ratio of 1.52.
Celgene (NASDAQ:CELG) last issued its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported $2.16 EPS for the quarter, topping the consensus estimate of $2.11 by $0.05. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.70 billion. Celgene had a return on equity of 87.28% and a net margin of 19.81%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.82 earnings per share. equities research analysts forecast that Celgene Co. will post 7.64 earnings per share for the current year.
Celgene announced that its Board of Directors has approved a stock repurchase program on Thursday, May 24th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the biopharmaceutical company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Celgene Company Profile
Celgene Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapies for the treatment of cancer and inflammatory diseases worldwide. It offers REVLIMID, an oral immunomodulatory drug for multiple myeloma (MM), myelodysplastic syndromes (MDS), and mantle cell lymphoma; POMALYST/IMNOVID to treat multiple myeloma; OTEZLA, a small-molecule inhibitor of phosphodiesterase 4 for psoriatic arthritis and psoriasis; and ABRAXANE, a solvent-free chemotherapy product to treat breast, non-small cell lung, pancreatic, and gastric cancers.
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