Celgene Corp. (CELG) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Celgene Corp. (NASDAQ:CELG) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $117.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Celgene’s key growth driver, Revlimid, continues to be driven by market share gains and increased duration. Other key products – Pomalyst/Imnovid, Abraxane and Otezla – should continue to drive the top line. The company’s raised outlook for 2016 is also encouraging. Celgene expects earnings in the range of $5.70 to $5.75 per share, while net product sales are anticipated to be approximately $11 billion. Revlimid is projected to bring in sales of approximately $6.8 billion in 2016. Meanwhile, the company continues to progress with its label expansion efforts and pipeline development. Label expansion of approved drugs would boost its revenues. Celgene’s pipeline looks interesting, with several data readouts expected in the second half of the year, and over the next few years. However, Celgene is highly dependent on Revlimid for growth. Stiff competition in target markets is also a concern.”
CELG has been the topic of several other research reports. Argus restated a buy rating and set a $155.00 price objective on shares of Celgene Corp. in a report on Wednesday, September 7th. Cowen and Company reiterated a buy rating and issued a $150.00 target price on shares of Celgene Corp. in a report on Thursday, July 28th. Leerink Swann reiterated a market perform rating and issued a $135.00 target price on shares of Celgene Corp. in a report on Monday, September 12th. Stifel Nicolaus reiterated a buy rating and issued a $138.00 target price on shares of Celgene Corp. in a report on Tuesday, August 2nd. Finally, Vetr downgraded Celgene Corp. from a hold rating to a sell rating and set a $104.37 target price on the stock. in a report on Monday, July 25th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $137.44.
Shares of Celgene Corp. (NASDAQ:CELG) opened at 101.64 on Friday. Celgene Corp. has a 1-year low of $93.05 and a 1-year high of $128.39. The stock has a market cap of $78.78 billion, a price-to-earnings ratio of 42.96 and a beta of 1.49. The stock’s 50 day moving average is $106.71 and its 200-day moving average is $105.56.
Celgene Corp. (NASDAQ:CELG) last posted its quarterly earnings data on Thursday, July 28th. The biopharmaceutical company reported $1.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. Celgene Corp. had a return on equity of 67.06% and a net margin of 18.95%. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.23 EPS. On average, analysts anticipate that Celgene Corp. will post $5.71 EPS for the current year.
In other Celgene Corp. news, Director Michael A. Friedman sold 56,116 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $103.66, for a total transaction of $5,816,984.56. Following the transaction, the director now owns 50,000 shares in the company, valued at $5,183,000. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard W. Barker sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $110.82, for a total value of $2,216,400.00. Following the transaction, the director now owns 31,332 shares in the company, valued at approximately $3,472,212.24. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Celgene Corp. by 0.8% in the second quarter. Vanguard Group Inc. now owns 47,833,717 shares of the biopharmaceutical company’s stock worth $4,717,840,000 after buying an additional 395,600 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Celgene Corp. by 0.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 20,241,642 shares of the biopharmaceutical company’s stock worth $1,996,433,000 after buying an additional 117,543 shares in the last quarter. BlackRock Fund Advisors raised its stake in Celgene Corp. by 0.3% in the second quarter. BlackRock Fund Advisors now owns 15,066,831 shares of the biopharmaceutical company’s stock worth $1,486,042,000 after buying an additional 48,168 shares in the last quarter. Carmignac Gestion raised its stake in Celgene Corp. by 28.1% in the second quarter. Carmignac Gestion now owns 9,708,359 shares of the biopharmaceutical company’s stock worth $957,535,000 after buying an additional 2,127,659 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Celgene Corp. by 29.3% in the first quarter. Wellington Management Group LLP now owns 9,105,975 shares of the biopharmaceutical company’s stock worth $911,417,000 after buying an additional 2,062,585 shares in the last quarter. Hedge funds and other institutional investors own 77.75% of the company’s stock.
Celgene Corp. Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Celgene Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celgene Corp. and related companies with MarketBeat.com's FREE daily email newsletter.