Short Interest in Celgene Co. (CELG) Drops By 11.5%

Celgene Co. (NASDAQ:CELG) was the target of a large drop in short interest during the month of September. As of September 14th, there was short interest totalling 10,788,473 shares, a drop of 11.5% from the August 31st total of 12,189,611 shares. Based on an average daily volume of 4,023,134 shares, the days-to-cover ratio is currently 2.7 days. Approximately 1.5% of the shares of the company are sold short.

Several brokerages have issued reports on CELG. Zacks Investment Research raised Celgene from a “sell” rating to a “strong-buy” rating and set a $102.00 price target for the company in a report on Wednesday, August 1st. Mizuho reissued a “buy” rating and set a $129.00 target price on shares of Celgene in a report on Tuesday, July 31st. BidaskClub raised Celgene from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Morgan Stanley lifted their target price on Celgene from $91.00 to $93.00 and gave the stock an “equal weight” rating in a report on Friday, July 27th. Finally, SunTrust Banks reissued a “hold” rating and set a $101.00 target price on shares of Celgene in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $121.85.

Shares of NASDAQ CELG opened at $89.25 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.40 and a debt-to-equity ratio of 5.76. Celgene has a 52 week low of $74.13 and a 52 week high of $147.17. The firm has a market capitalization of $61.59 billion, a P/E ratio of 13.05, a P/E/G ratio of 0.53 and a beta of 1.32.

Celgene (NASDAQ:CELG) last issued its quarterly earnings results on Thursday, July 26th. The biopharmaceutical company reported $2.16 EPS for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.05. Celgene had a return on equity of 87.28% and a net margin of 19.81%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter last year, the business earned $1.82 earnings per share. Celgene’s revenue was up 16.6% on a year-over-year basis. equities analysts anticipate that Celgene will post 7.64 EPS for the current year.

In other Celgene news, Director John H. Weiland purchased 5,575 shares of the business’s stock in a transaction on Tuesday, August 7th. The stock was acquired at an average price of $89.73 per share, with a total value of $500,244.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ernest Mario sold 12,000 shares of the firm’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $92.32, for a total value of $1,107,840.00. Following the sale, the director now directly owns 44,413 shares of the company’s stock, valued at approximately $4,100,208.16. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Johnson Financial Group Inc. grew its position in Celgene by 4.5% in the second quarter. Johnson Financial Group Inc. now owns 13,100 shares of the biopharmaceutical company’s stock valued at $1,040,000 after acquiring an additional 567 shares during the last quarter. Wetherby Asset Management Inc. grew its position in Celgene by 5.4% in the second quarter. Wetherby Asset Management Inc. now owns 11,857 shares of the biopharmaceutical company’s stock valued at $942,000 after acquiring an additional 603 shares during the last quarter. Brick & Kyle Associates grew its position in Celgene by 5.9% in the first quarter. Brick & Kyle Associates now owns 11,290 shares of the biopharmaceutical company’s stock valued at $1,007,000 after acquiring an additional 625 shares during the last quarter. Wealth Advisors of Tampa Bay LLC grew its position in Celgene by 4.4% in the first quarter. Wealth Advisors of Tampa Bay LLC now owns 15,141 shares of the biopharmaceutical company’s stock valued at $1,352,000 after acquiring an additional 635 shares during the last quarter. Finally, Avestar Capital LLC grew its position in Celgene by 34.6% in the first quarter. Avestar Capital LLC now owns 2,511 shares of the biopharmaceutical company’s stock valued at $203,000 after acquiring an additional 645 shares during the last quarter. Institutional investors own 73.07% of the company’s stock.

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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