Celgene (NASDAQ:CELG) was upgraded by stock analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat reports. The firm currently has a $102.00 price objective on the biopharmaceutical company’s stock. Sanford C. Bernstein’s target price suggests a potential upside of 28.24% from the stock’s previous close.
A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Celgene from a “buy” rating to a “hold” rating in a report on Thursday, May 10th. Morgan Stanley lowered their price objective on shares of Celgene from $93.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Monday, May 7th. Leerink Swann reiterated a “buy” rating and issued a $115.00 price objective (down previously from $123.00) on shares of Celgene in a research note on Monday, May 7th. Barclays set a $107.00 price objective on shares of Celgene and gave the stock a “buy” rating in a research note on Sunday, May 6th. Finally, Royal Bank of Canada cut shares of Celgene from a “top pick” rating to an “outperform” rating and set a $120.00 price objective on the stock. in a research note on Monday, May 7th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $123.35.
Shares of Celgene opened at $79.54 on Wednesday, according to Marketbeat. The company has a current ratio of 2.53, a quick ratio of 2.36 and a debt-to-equity ratio of 3.92. The stock has a market cap of $55.53 billion, a PE ratio of 11.63, a P/E/G ratio of 0.48 and a beta of 1.49. Celgene has a 52-week low of $74.13 and a 52-week high of $147.17.
Celgene (NASDAQ:CELG) last announced its quarterly earnings results on Friday, May 4th. The biopharmaceutical company reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.09. The firm had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $3.47 billion. Celgene had a net margin of 20.73% and a return on equity of 72.92%. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.68 EPS. equities research analysts forecast that Celgene will post 7.63 earnings per share for the current fiscal year.
Celgene announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 14th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the biopharmaceutical company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Celgene news, Director Gilla Kaplan sold 27,750 shares of the stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $78.66, for a total transaction of $2,182,815.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark J. Alles acquired 1,208 shares of the business’s stock in a transaction on Wednesday, May 9th. The shares were bought at an average cost of $82.60 per share, with a total value of $99,780.80. Following the completion of the acquisition, the chief executive officer now owns 187,316 shares in the company, valued at $15,472,301.60. The disclosure for this purchase can be found here. Company insiders own 0.95% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Virtue Capital Management LLC purchased a new position in shares of Celgene in the fourth quarter valued at $101,000. American Beacon Advisors Inc. purchased a new position in shares of Celgene in the fourth quarter valued at $120,000. Capital Bank & Trust Co grew its holdings in shares of Celgene by 166.8% in the third quarter. Capital Bank & Trust Co now owns 827 shares of the biopharmaceutical company’s stock valued at $121,000 after purchasing an additional 517 shares in the last quarter. Truewealth LLC purchased a new position in shares of Celgene in the fourth quarter valued at $123,000. Finally, Archford Capital Strategies LLC purchased a new position in shares of Celgene in the first quarter valued at $124,000. 75.69% of the stock is owned by institutional investors and hedge funds.
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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