Celgene (CELG) Rating Lowered to Hold at BidaskClub
Celgene (NASDAQ:CELG) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Thursday.
A number of other analysts have also issued reports on the company. Zacks Investment Research upgraded Celgene from a “sell” rating to a “strong-buy” rating and set a $102.00 price target for the company in a report on Wednesday, August 1st. Mizuho reiterated a “buy” rating and issued a $129.00 price target on shares of Celgene in a report on Tuesday, July 31st. SunTrust Banks reiterated a “hold” rating and issued a $101.00 price target on shares of Celgene in a report on Friday, July 27th. Morgan Stanley upped their target price on Celgene from $91.00 to $93.00 and gave the stock an “equal weight” rating in a report on Friday, July 27th. Finally, Cowen restated a “buy” rating and set a $150.00 target price on shares of Celgene in a report on Tuesday, July 10th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $121.85.
Shares of NASDAQ CELG opened at $87.17 on Thursday. The company has a quick ratio of 1.40, a current ratio of 1.52 and a debt-to-equity ratio of 5.76. The company has a market capitalization of $61.05 billion, a P/E ratio of 12.74, a PEG ratio of 0.52 and a beta of 1.32. Celgene has a 52-week low of $74.13 and a 52-week high of $147.17.
Celgene announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the biopharmaceutical company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other Celgene news, Director John H. Weiland acquired 5,575 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The stock was purchased at an average price of $89.73 per share, for a total transaction of $500,244.75. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ernest Mario sold 12,000 shares of the stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $92.32, for a total value of $1,107,840.00. Following the sale, the director now owns 44,413 shares of the company’s stock, valued at approximately $4,100,208.16. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CELG. Ayalon Holdings Ltd. acquired a new position in shares of Celgene in the 2nd quarter valued at $100,000. Atlantic Trust LLC acquired a new position in shares of Celgene in the 2nd quarter valued at $101,000. Acropolis Investment Management LLC acquired a new position in shares of Celgene in the 2nd quarter valued at $112,000. Moneta Group Investment Advisors LLC increased its position in shares of Celgene by 2,688.6% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 10,290 shares of the biopharmaceutical company’s stock valued at $114,000 after acquiring an additional 9,921 shares during the period. Finally, Archford Capital Strategies LLC acquired a new position in shares of Celgene in the 1st quarter valued at $124,000. Hedge funds and other institutional investors own 73.11% of the company’s stock.
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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