Investors Buy Celgene Corp. (CELG) on Weakness
Investors bought shares of Celgene Corp. (NASDAQ:CELG) on weakness during trading on Wednesday. $110.32 million flowed into the stock on the tick-up and $77.53 million flowed out of the stock on the tick-down, for a money net flow of $32.79 million into the stock. Of all stocks tracked, Celgene Corp. had the 16th highest net in-flow for the day. Celgene Corp. traded down ($1.65) for the day and closed at $101.76
CELG has been the subject of several research analyst reports. SunTrust Banks Inc. reaffirmed a “buy” rating and issued a $145.00 price target on shares of Celgene Corp. in a research note on Wednesday, March 16th. Cowen and Company reiterated an “outperform” rating and set a $150.00 price objective on shares of Celgene Corp. in a report on Wednesday, March 16th. BMO Capital Markets started coverage on shares of Celgene Corp. in a report on Tuesday, April 5th. They set an “outperform” rating and a $129.00 price objective for the company. Jefferies Group reduced their price objective on shares of Celgene Corp. to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 6th. Finally, Morgan Stanley lifted their price objective on shares of Celgene Corp. from $115.00 to $125.00 in a report on Friday, April 8th. Five analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $140.54.
The stock’s 50 day moving average price is $102.43 and its 200 day moving average price is $103.69. The firm has a market capitalization of $78.82 billion and a P/E ratio of 49.49.
Celgene Corp. (NASDAQ:CELG) last released its quarterly earnings data on Thursday, April 28th. The biopharmaceutical company reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.03. The business earned $2.51 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the company earned $1.07 earnings per share. The firm’s revenue was up 20.7% compared to the same quarter last year. Equities analysts forecast that Celgene Corp. will post $5.68 earnings per share for the current fiscal year.
In related news, insider Robert J. Hugin sold 75,000 shares of the company’s stock in a transaction dated Monday, June 20th. The shares were sold at an average price of $100.16, for a total value of $7,512,000.00. Following the completion of the sale, the insider now directly owns 1,122,201 shares of the company’s stock, valued at $112,399,652.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
A number of hedge funds have added to or reduced their stakes in CELG. Swiss National Bank raised its stake in Celgene Corp. by 1.5% in the fourth quarter. Swiss National Bank now owns 1,435,996 shares of the biopharmaceutical company’s stock worth $171,975,000 after buying an additional 20,700 shares during the period. South Dakota Investment Council acquired a new stake in Celgene Corp. during the fourth quarter worth $2,246,000. Alta Capital Management LLC raised its stake in Celgene Corp. by 4.6% in the fourth quarter. Alta Capital Management LLC now owns 208,040 shares of the biopharmaceutical company’s stock worth $24,914,000 after buying an additional 9,056 shares during the period. Aviance Capital Partners LLC raised its stake in Celgene Corp. by 12.1% in the fourth quarter. Aviance Capital Partners LLC now owns 20,751 shares of the biopharmaceutical company’s stock worth $2,485,000 after buying an additional 2,236 shares during the period. Finally, Synovus Financial Corp raised its stake in Celgene Corp. by 16.6% in the fourth quarter. Synovus Financial Corp now owns 8,571 shares of the biopharmaceutical company’s stock worth $1,027,000 after buying an additional 1,222 shares during the period.
Celgene Corporation (Celgene) is a biopharmaceutical company. The Company together with its subsidiaries is engaged primarily 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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