Pinnacle Associates Ltd. lifted its holdings in shares of Celgene Co. (NASDAQ:CELG) by 152.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,214 shares of the biopharmaceutical company’s stock after purchasing an additional 18,232 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Celgene were worth $3,153,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in CELG. Arcadia Investment Management Corp MI increased its holdings in shares of Celgene by 118.7% during the third quarter. Arcadia Investment Management Corp MI now owns 737 shares of the biopharmaceutical company’s stock worth $107,000 after purchasing an additional 400 shares during the period. Robecosam AG bought a new position in shares of Celgene during the third quarter worth approximately $114,000. Guidant Wealth Advisors bought a new position in shares of Celgene during the third quarter worth approximately $119,000. Capital Bank & Trust Co increased its holdings in shares of Celgene by 166.8% during the third quarter. Capital Bank & Trust Co now owns 827 shares of the biopharmaceutical company’s stock worth $121,000 after purchasing an additional 517 shares during the period. Finally, Fusion Family Wealth LLC bought a new position in shares of Celgene during the fourth quarter worth approximately $136,000. 78.63% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on CELG shares. Mizuho reaffirmed a “buy” rating and set a $128.00 target price on shares of Celgene in a report on Sunday, February 4th. Credit Suisse Group set a $125.00 target price on shares of Celgene and gave the stock a “buy” rating in a report on Monday, January 8th. Cann reaffirmed a “buy” rating and set a $163.00 target price on shares of Celgene in a report on Thursday, February 15th. Vetr cut shares of Celgene from a “strong-buy” rating to a “buy” rating and set a $121.72 price objective on the stock. in a research note on Monday, December 18th. Finally, Goldman Sachs decreased their price objective on shares of Celgene from $97.00 to $85.00 and set a “sell” rating on the stock in a research note on Monday, March 26th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $127.68.
Celgene (NASDAQ:CELG) last issued its earnings results on Thursday, January 25th. The biopharmaceutical company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.46 billion. Celgene had a net margin of 22.38% and a return on equity of 67.50%. The company’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter last year, the business posted $1.61 earnings per share. equities analysts anticipate that Celgene Co. will post 7.66 EPS for the current fiscal year.
Celgene declared that its Board of Directors has approved a share repurchase program on Wednesday, February 14th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the biopharmaceutical company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other Celgene news, insider Mark J. Alles purchased 3,260 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were bought at an average price of $91.90 per share, for a total transaction of $299,594.00. Following the completion of the acquisition, the insider now owns 178,904 shares in the company, valued at $16,441,277.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James J. Loughlin sold 9,250 shares of Celgene stock in a transaction on Monday, March 12th. The stock was sold at an average price of $92.01, for a total transaction of $851,092.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,120 shares of company stock worth $3,879,509. 0.95% of the stock is owned by company insiders.
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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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