Celgene Corporation (CELG) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Celgene Corporation (NASDAQ:CELG) from a buy rating to a hold rating in a research note published on Wednesday.

According to Zacks, “Celgene’s Revlimid continued to outperform driven by further market share increases in newly diagnosed myeloma and the continued increase in treatment duration. Other key products – Pomalyst/Imnovid, Abraxane and Otezla – also performed well. The consecutive increase in annual earnings guidance is also a positive. Celgene continues to progress with its label expansion efforts and pipeline development with sNDA submission for Revlimid in newly diagnosed multiple myeloma targeted for first-quarter 2018. The approval of Idhifa in the U.S. for relapsed and/or refractory acute myeloid leukemia has further boosted the company’s portfolio. Moreover, shares of Celgene have outperformed the industry in the year so far. However, Celgene is highly dependent on Revlimid while foreign exchange headwinds are expected to continue while Abraxane sales are under competitive pressure.”

Other analysts also recently issued reports about the company. BTIG Research downgraded Celgene Corporation from a buy rating to a neutral rating and boosted their target price for the stock from $96.93 to $131.70 in a research report on Friday, June 30th. Vetr upgraded Celgene Corporation from a buy rating to a strong-buy rating and set a $148.32 target price on the stock in a research report on Thursday, August 10th. SunTrust Banks, Inc. set a $150.00 target price on Celgene Corporation and gave the stock a buy rating in a research report on Thursday, July 6th. Canaccord Genuity set a $156.00 target price on Celgene Corporation and gave the stock a buy rating in a research report on Thursday, July 27th. Finally, William Blair reiterated an outperform rating on shares of Celgene Corporation in a research report on Monday, June 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $150.43.

Shares of Celgene Corporation (NASDAQ:CELG) traded down 10.76% on Wednesday, reaching $121.33. The company’s stock had a trading volume of 27,765,072 shares. The stock has a market capitalization of $94.92 billion, a P/E ratio of 37.58 and a beta of 1.88. The company has a 50 day moving average of $140.79 and a 200 day moving average of $130.41. Celgene Corporation has a 1-year low of $96.93 and a 1-year high of $147.17.

Celgene Corporation (NASDAQ:CELG) last posted its earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.82 EPS for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.21. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.23 billion. Celgene Corporation had a return on equity of 68.51% and a net margin of 21.35%. Celgene Corporation’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.44 earnings per share. Equities research analysts expect that Celgene Corporation will post $7.33 earnings per share for the current fiscal year.

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In other news, Director Gilla Kaplan sold 7,500 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $134.52, for a total value of $1,008,900.00. Following the completion of the sale, the director now owns 76,301 shares in the company, valued at $10,264,010.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ernest Mario sold 18,506 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $130.52, for a total value of $2,415,403.12. Following the completion of the sale, the director now owns 69,424 shares of the company’s stock, valued at approximately $9,061,220.48. The disclosure for this sale can be found here. Insiders have sold 46,233 shares of company stock valued at $6,268,259 over the last 90 days. 0.95% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Neuberger Berman Group LLC grew its stake in shares of Celgene Corporation by 4.0% in the first quarter. Neuberger Berman Group LLC now owns 1,844,837 shares of the biopharmaceutical company’s stock valued at $229,553,000 after buying an additional 71,729 shares in the last quarter. Lincoln Capital Corp grew its stake in shares of Celgene Corporation by 0.6% in the second quarter. Lincoln Capital Corp now owns 30,580 shares of the biopharmaceutical company’s stock valued at $3,971,000 after buying an additional 185 shares in the last quarter. Grisanti Capital Management LLC acquired a new stake in shares of Celgene Corporation in the second quarter valued at about $3,616,000. Swiss National Bank grew its stake in shares of Celgene Corporation by 27.2% in the first quarter. Swiss National Bank now owns 2,746,896 shares of the biopharmaceutical company’s stock valued at $341,796,000 after buying an additional 588,000 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Celgene Corporation by 9.2% in the second quarter. Russell Investments Group Ltd. now owns 641,697 shares of the biopharmaceutical company’s stock valued at $83,344,000 after buying an additional 54,210 shares in the last quarter. Institutional investors and hedge funds own 79.24% of the company’s stock.

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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