Cleararc Capital Inc. Reduces Holdings in Celgene Co. (CELG)
Cleararc Capital Inc. decreased its position in shares of Celgene Co. (NASDAQ:CELG) by 5.4% during the 2nd quarter, Holdings Channel reports. The firm owned 16,194 shares of the biopharmaceutical company’s stock after selling 921 shares during the quarter. Cleararc Capital Inc.’s holdings in Celgene were worth $1,286,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Ayalon Holdings Ltd. purchased a new position in shares of Celgene during the second quarter worth about $100,000. Atlantic Trust LLC purchased a new position in shares of Celgene during the second quarter worth about $101,000. Acropolis Investment Management LLC purchased a new position in shares of Celgene during the second quarter worth about $112,000. Moneta Group Investment Advisors LLC grew its holdings in shares of Celgene by 2,688.6% during the second quarter. Moneta Group Investment Advisors LLC now owns 10,290 shares of the biopharmaceutical company’s stock worth $114,000 after buying an additional 9,921 shares during the last quarter. Finally, Archford Capital Strategies LLC purchased a new position in shares of Celgene during the first quarter worth about $124,000. 73.07% of the stock is currently owned by institutional investors.
In other Celgene news, Director Ernest Mario sold 12,000 shares of Celgene stock in a transaction that occurred on Thursday, August 9th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John H. Weiland acquired 5,575 shares of the stock in a transaction on Tuesday, August 7th. The stock was acquired at an average cost of $89.73 per share, for a total transaction of $500,244.75. The disclosure for this purchase can be found here. 0.39% of the stock is currently owned by insiders.
Celgene (NASDAQ:CELG) last announced its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported $2.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.11 by $0.05. Celgene had a return on equity of 87.28% and a net margin of 19.81%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the previous year, the company earned $1.82 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. analysts expect that Celgene Co. will post 7.64 EPS for the current year.
Celgene announced that its Board of Directors has authorized a share buyback plan on Thursday, May 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the biopharmaceutical company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of research firms recently issued reports on CELG. BidaskClub lowered Celgene from a “buy” rating to a “hold” rating in a report on Thursday, September 13th. Zacks Investment Research raised Celgene from a “sell” rating to a “strong-buy” rating and set a $102.00 price target on the stock in a report on Wednesday, August 1st. Mizuho reissued a “buy” rating and set a $129.00 price target on shares of Celgene in a report on Tuesday, July 31st. SunTrust Banks reissued a “hold” rating and set a $101.00 price target on shares of Celgene in a report on Friday, July 27th. Finally, Morgan Stanley raised their price target on Celgene from $91.00 to $93.00 and gave the stock an “equal weight” rating in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $121.85.
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.
Further Reading: Compound Annual Growth Rate (CAGR)
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