FineMark National Bank & Trust Decreases Stake in Celgene Co. (CELG)
FineMark National Bank & Trust trimmed its stake in shares of Celgene Co. (NASDAQ:CELG) by 8.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,789 shares of the biopharmaceutical company’s stock after selling 1,349 shares during the period. FineMark National Bank & Trust’s holdings in Celgene were worth $1,095,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Indiana Trust & Investment Management CO bought a new stake in Celgene during the second quarter valued at approximately $1,307,000. Prospera Financial Services Inc bought a new stake in Celgene during the second quarter valued at approximately $352,000. Jump Trading LLC grew its position in Celgene by 160,950.0% during the fourth quarter. Jump Trading LLC now owns 3,217 shares of the biopharmaceutical company’s stock valued at $336,000 after buying an additional 3,219 shares during the period. Edgewood Management LLC grew its position in Celgene by 3.9% during the first quarter. Edgewood Management LLC now owns 11,980,937 shares of the biopharmaceutical company’s stock valued at $1,068,819,000 after buying an additional 447,445 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. grew its position in Celgene by 15.1% during the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 119,395 shares of the biopharmaceutical company’s stock valued at $9,482,000 after buying an additional 15,647 shares during the period. 76.82% of the stock is owned by hedge funds and other institutional investors.
CELG opened at $91.97 on Tuesday. The company has a market capitalization of $64.15 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.57 and a beta of 1.32. Celgene Co. has a 1-year low of $74.13 and a 1-year high of $147.17. The company has a debt-to-equity ratio of 5.76, a current ratio of 1.52 and a quick ratio of 1.40.
Celgene declared that its Board of Directors has authorized a share buyback program on Thursday, May 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the biopharmaceutical company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In related news, Director James J. Loughlin sold 17,750 shares of the company’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $78.96, for a total transaction of $1,401,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gilla Kaplan sold 27,750 shares of the company’s stock in a transaction on Friday, May 18th. The stock was sold at an average price of $78.66, for a total transaction of $2,182,815.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,500 shares of company stock valued at $5,716,205. 0.39% of the stock is owned by company insiders.
Several analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Celgene from a “sell” rating to a “strong-buy” rating and set a $102.00 target price for the company in a research report on Wednesday, August 1st. Mizuho restated a “buy” rating and set a $129.00 target price on shares of Celgene in a research report on Tuesday, July 31st. SunTrust Banks restated a “hold” rating and set a $101.00 target price on shares of Celgene in a research report on Friday, July 27th. Morgan Stanley boosted their target price on shares of Celgene from $91.00 to $93.00 and gave the company an “equal weight” rating in a research report on Friday, July 27th. Finally, Cowen restated a “buy” rating and set a $150.00 target price on shares of Celgene in a research report on Tuesday, July 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price 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.
Featured Story: Price to Earnings Ratio (PE) Basics
Receive News & Ratings for Celgene Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celgene and related companies with MarketBeat.com's FREE daily email newsletter.