Celgene (CELG) Stake Increased by Mcrae Capital Management Inc.

Mcrae Capital Management Inc. grew its holdings in shares of Celgene (NASDAQ:CELG) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,990 shares of the biopharmaceutical company’s stock after buying an additional 3,738 shares during the period. Celgene accounts for approximately 4.7% of Mcrae Capital Management Inc.’s holdings, making the stock its 3rd biggest position. Mcrae Capital Management Inc.’s holdings in Celgene were worth $10,437,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Optimum Investment Advisors bought a new stake in shares of Celgene during the 1st quarter valued at $178,000. IFP Advisors Inc boosted its holdings in shares of Celgene by 34.9% during the 1st quarter. IFP Advisors Inc now owns 61,512 shares of the biopharmaceutical company’s stock valued at $5,487,000 after buying an additional 15,904 shares in the last quarter. Cigna Investments Inc. New boosted its holdings in shares of Celgene by 31.0% during the 1st quarter. Cigna Investments Inc. New now owns 49,894 shares of the biopharmaceutical company’s stock valued at $4,451,000 after buying an additional 11,793 shares in the last quarter. Fairfield Bush & CO. boosted its holdings in shares of Celgene by 9.6% during the 1st quarter. Fairfield Bush & CO. now owns 17,570 shares of the biopharmaceutical company’s stock valued at $1,567,000 after buying an additional 1,545 shares in the last quarter. Finally, Novare Capital Management LLC boosted its holdings in shares of Celgene by 7.1% during the 1st quarter. Novare Capital Management LLC now owns 55,759 shares of the biopharmaceutical company’s stock valued at $4,974,000 after buying an additional 3,715 shares in the last quarter. Hedge funds and other institutional investors own 75.69% of the company’s stock.

In other news, Director James J. Loughlin sold 9,250 shares of the company’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $92.01, for a total transaction of $851,092.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark J. Alles purchased 1,208 shares of Celgene stock in a transaction dated Wednesday, May 9th. The shares were acquired at an average cost of $82.60 per share, with a total value of $99,780.80. Following the transaction, the chief executive officer now directly owns 187,316 shares in the company, valued at $15,472,301.60. The disclosure for this purchase can be found here. 0.95% of the stock is owned by corporate insiders.

CELG has been the topic of a number of research reports. Credit Suisse Group set a $129.00 target price on shares of Celgene and gave the company a “buy” rating in a report on Saturday, May 5th. Sanford C. Bernstein upgraded shares of Celgene from a “market perform” rating to an “outperform” rating and set a $102.00 target price on the stock in a report on Wednesday. Zacks Investment Research cut shares of Celgene from a “hold” rating to a “sell” rating in a report on Tuesday, March 27th. Goldman Sachs Group lowered their price target on Celgene from $97.00 to $85.00 and set a “sell” rating for the company in a research report on Monday, March 26th. Finally, Barclays raised Celgene from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $91.51 to $105.00 in a research report on Tuesday, February 13th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $123.35.

Celgene opened at $78.63 on Friday, according to Marketbeat. Celgene has a 52 week low of $74.13 and a 52 week high of $147.17. The stock has a market cap of $56.99 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 0.50 and a beta of 1.49. The company has a quick ratio of 2.36, a current ratio of 2.53 and a debt-to-equity ratio of 3.92.

Celgene (NASDAQ:CELG) last released its quarterly earnings results on Friday, May 4th. The biopharmaceutical company reported $2.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.09. Celgene had a net margin of 20.73% and a return on equity of 72.92%. The firm had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the firm earned $1.68 EPS. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. sell-side analysts forecast that Celgene will post 7.63 EPS for the current fiscal year.

Celgene announced that its board has approved a stock buyback plan on Wednesday, February 14th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the biopharmaceutical company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

About Celgene

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.

Institutional Ownership by Quarter for Celgene (NASDAQ:CELG)

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