Celgene Corp. (CELG) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Celgene Corp. (NASDAQ:CELG) from a hold rating to a buy rating in a report released on Friday morning. Zacks Investment Research currently has $117.00 target price 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.”
Other analysts also recently issued research reports about the stock. Jefferies Group reissued a buy rating and set a $140.00 target price on shares of Celgene Corp. in a research report on Wednesday, June 29th. Vetr downgraded shares of Celgene Corp. from a strong-buy rating to a buy rating and set a $108.18 target price on the stock. in a research report on Wednesday, June 29th. Canaccord Genuity reissued a buy rating and set a $156.00 target price on shares of Celgene Corp. in a research report on Monday, June 27th. JMP Securities reissued a buy rating and set a $152.00 target price on shares of Celgene Corp. in a research report on Thursday, June 23rd. Finally, Stifel Nicolaus started coverage on shares of Celgene Corp. in a research report on Thursday, July 14th. They set a buy rating and a $138.00 target price on the stock. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Celgene Corp. presently has an average rating of Buy and a consensus price target of $137.44.
Shares of Celgene Corp. (NASDAQ:CELG) traded up 0.58% during mid-day trading on Friday, hitting $104.67. 735,252 shares of the stock traded hands. The stock has a market cap of $81.13 billion, a price-to-earnings ratio of 44.24 and a beta of 1.49. The firm has a 50 day moving average of $107.29 and a 200 day moving average of $105.50. Celgene Corp. has a 12 month low of $93.05 and a 12 month high of $128.39.
Celgene Corp. (NASDAQ:CELG) last released its earnings results on Thursday, July 28th. The biopharmaceutical company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. Celgene Corp. had a net margin of 18.95% and a return on equity of 67.06%. Celgene Corp.’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 EPS. On average, equities analysts expect that Celgene Corp. will post $5.71 EPS for the current fiscal year.
In other news, Director Michael A. Friedman sold 56,116 shares of Celgene Corp. stock in a transaction on 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 completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $5,183,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gilla Kaplan sold 9,710 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $106.44, for a total transaction of $1,033,532.40. Following the completion of the transaction, the director now directly owns 72,142 shares of the company’s stock, valued at approximately $7,678,794.48. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Carmignac Gestion increased its position in shares of Celgene Corp. by 28.1% in the second quarter. Carmignac Gestion now owns 9,708,359 shares of the biopharmaceutical company’s stock valued at $957,535,000 after buying an additional 2,127,659 shares during the last quarter. Wellington Management Group LLP increased its position in shares of 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 valued at $911,417,000 after buying an additional 2,062,585 shares during the last quarter. Orbis Allan Gray Ltd purchased a new position in shares of Celgene Corp. during the first quarter valued at $119,631,000. Bank of Montreal Can purchased a new position in shares of Celgene Corp. during the second quarter valued at $117,274,000. Finally, Thrivent Financial for Lutherans increased its position in shares of Celgene Corp. by 3,648.3% in the second quarter. Thrivent Financial for Lutherans now owns 1,082,701 shares of the biopharmaceutical company’s stock valued at $106,825,000 after buying an additional 1,053,816 shares during the last quarter. 77.75% of the stock is owned by hedge funds and other institutional investors.
About Celgene Corp.
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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