Celgene Corporation (CELG) Rating Reiterated by BTIG Research
Celgene Corporation (NASDAQ:CELG)‘s stock had its “hold” rating reaffirmed by analysts at BTIG Research in a research report issued on Sunday.
The analysts wrote, “After mkt-close on Thursday, Celgene announced termination of the Phase 3 studies (REVOLVE and SUSTAIN) for mongersen in the treatment of Crohn’s disease, and that the Phase 3 DEFINE study will not be initiated. Termination of the programs follow the recommendation of the Data Monitoring Committee (DMC) who indicated futility of mongersen in producing a clinical benefit. Based on the announcement, we have taken our 2023 mongersen estimates to zero from $215m previously, versus consensus at ~$1bn.””
Several other equities analysts also recently weighed in on CELG. Zacks Investment Research upgraded shares of Celgene Corporation from a “hold” rating to a “buy” rating and set a $151.00 target price for the company in a research note on Tuesday, July 18th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $150.00 target price on shares of Celgene Corporation in a research note on Friday, July 14th. Vetr downgraded shares of Celgene Corporation from a “strong-buy” rating to a “buy” rating and set a $149.76 target price for the company. in a research note on Friday, July 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $160.00 target price on shares of Celgene Corporation in a research note on Tuesday, July 11th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $153.00 target price on shares of Celgene Corporation in a research note on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have assigned a buy rating to the stock. Celgene Corporation currently has an average rating of “Buy” and a consensus target price of $150.43.
Shares of Celgene Corporation (CELG) traded down 10.76% on Friday, hitting $121.33. 27,765,072 shares of the company’s stock were exchanged. The firm has a market cap of $94.92 billion, a P/E ratio of 37.58 and a beta of 1.88. Celgene Corporation has a 12 month low of $96.93 and a 12 month high of $147.17. The stock’s 50 day moving average is $140.79 and its 200 day moving average is $130.41.
Celgene Corporation (NASDAQ:CELG) last announced its quarterly earnings data on Thursday, July 27th. The biopharmaceutical company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.61 by $0.21. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.23 billion. Celgene Corporation had a net margin of 21.35% and a return on equity of 68.51%. The company’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.44 earnings per share. On average, equities analysts predict that Celgene Corporation will post $7.33 earnings per share for the current year.
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In other news, insider Terrie Curran sold 1,727 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $143.89, for a total value of $248,498.03. Following the completion of the sale, the insider now directly owns 3,925 shares in the company, valued at approximately $564,768.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ernest Mario sold 18,506 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $130.52, for a total transaction of $2,415,403.12. Following the completion of the sale, the director now owns 69,424 shares of the company’s stock, valued at $9,061,220.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,233 shares of company stock valued at $6,268,259. Company insiders own 0.95% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CELG. Arcadia Investment Management Corp MI raised its holdings in Celgene Corporation by 118.7% during the 3rd quarter. Arcadia Investment Management Corp MI now owns 737 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 400 shares during the last quarter. Thompson Davis & CO. Inc. raised its holdings in Celgene Corporation by 5.9% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 773 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 43 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Celgene Corporation during the 1st quarter valued at $118,000. Motco raised its holdings in Celgene Corporation by 19.3% during the 2nd quarter. Motco now owns 981 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 159 shares during the last quarter. Finally, Balentine LLC raised its holdings in Celgene Corporation by 83.5% during the 2nd quarter. Balentine LLC now owns 1,057 shares of the biopharmaceutical company’s stock valued at $137,000 after buying an additional 481 shares during the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.
About Celgene Corporation
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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