American International Group Inc. trimmed its holdings in shares of Celgene (NASDAQ:CELG) by 3.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 330,579 shares of the biopharmaceutical company’s stock after selling 13,515 shares during the quarter. American International Group Inc.’s holdings in Celgene were worth $29,491,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of CELG. Robecosam AG acquired a new stake in shares of Celgene in the third quarter valued at about $114,000. Capital Bank & Trust Co grew its position 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 during the last quarter. Virtue Capital Management LLC acquired a new stake in shares of Celgene in the fourth quarter valued at about $101,000. American Beacon Advisors Inc. acquired a new stake in shares of Celgene in the fourth quarter valued at about $120,000. Finally, Truewealth LLC acquired a new stake in shares of Celgene in the fourth quarter valued at about $123,000. 80.60% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on CELG. Zacks Investment Research downgraded Celgene from a “buy” rating to a “hold” rating in a research report on Thursday, May 10th. Morgan Stanley lowered their price target on Celgene from $93.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Monday, May 7th. Leerink Swann reaffirmed a “buy” rating and issued a $115.00 price target (down from $123.00) on shares of Celgene in a research report on Monday, May 7th. Barclays set a $107.00 target price on shares of Celgene and gave the company 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 target price for the company. in a research note on Monday, May 7th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Celgene has a consensus rating of “Buy” and a consensus price target of $123.98.
Celgene (NASDAQ:CELG) last posted its quarterly earnings data on Friday, May 4th. The biopharmaceutical company reported $2.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.96 by $0.09. The company had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.47 billion. Celgene had a net margin of 20.73% and a return on equity of 72.92%. The company’s revenue was up 19.4% on a year-over-year basis. During the same quarter last year, the business posted $1.68 earnings per share. sell-side analysts anticipate that Celgene will post 7.63 earnings per share for the current fiscal year.
Celgene announced that its board has authorized a stock buyback program on Wednesday, February 14th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the biopharmaceutical company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, CEO Mark J. Alles acquired 1,208 shares of the company’s stock in a transaction dated Wednesday, May 9th. The stock was bought at an average price 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 approximately $15,472,301.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ernest Mario sold 13,370 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $94.49, for a total transaction of $1,263,331.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,870 shares of company stock valued at $2,991,601. Company insiders own 0.95% 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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