Spears Abacus Advisors LLC cut its stake in shares of Celgene Co. (NASDAQ:CELG) by 0.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 195,318 shares of the biopharmaceutical company’s stock after selling 1,299 shares during the period. Celgene comprises approximately 2.0% of Spears Abacus Advisors LLC’s holdings, making the stock its 21st largest position. Spears Abacus Advisors LLC’s holdings in Celgene were worth $15,512,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Indiana Trust & Investment Management CO acquired a new stake in Celgene in the second quarter valued at approximately $1,307,000. Prospera Financial Services Inc acquired a new stake in Celgene in the second quarter valued at approximately $352,000. Headinvest LLC acquired a new stake in Celgene in the second quarter valued at approximately $1,819,000. Edgewood Management LLC lifted its stake in Celgene by 3.9% in 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 acquiring an additional 447,445 shares during the last quarter. Finally, Lederer & Associates Investment Counsel CA acquired a new stake in Celgene in the second quarter valued at approximately $1,423,000. 73.20% of the stock is currently owned by hedge funds and other institutional investors.

CELG has been the subject of a number of analyst reports. Sanford C. Bernstein upgraded shares of Celgene from a “market perform” rating to an “outperform” rating and set a $102.00 target price for the company in a research note on Wednesday, May 23rd. Credit Suisse Group set a $129.00 target price on shares of Celgene and gave the company a “buy” rating in a research note on Saturday, May 5th. Zacks Investment Research cut shares of Celgene from a “hold” rating to a “sell” rating in a research note on Wednesday, July 18th. Mizuho reiterated a “buy” rating and issued a $129.00 target price on shares of Celgene in a research note on Tuesday, July 31st. Finally, Morgan Stanley reduced their target price on shares of Celgene from $93.00 to $90.00 and set an “equal weight” rating for the company in a research note on Monday, May 7th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the company. Celgene has a consensus rating of “Buy” and a consensus price target of $121.85.

In related news, Director Ernest Mario sold 12,000 shares of the company’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $92.32, for a total transaction of $1,107,840.00. Following the completion of the transaction, the director now directly owns 44,413 shares in the company, valued at approximately $4,100,208.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael D. Casey sold 13,000 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $78.77, for a total transaction of $1,024,010.00. Following the transaction, the director now owns 27,750 shares of the company’s stock, valued at $2,185,867.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,750 shares of company stock valued at $3,533,390. Corporate insiders own 0.39% of the company’s stock.

Shares of Celgene stock opened at $94.26 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.52 and a debt-to-equity ratio of 5.76. Celgene Co. has a 1-year low of $74.13 and a 1-year high of $147.17. The firm has a market capitalization of $65.01 billion, a PE ratio of 13.78, a PEG ratio of 0.56 and a beta of 1.32.

Celgene (NASDAQ:CELG) last issued its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported $2.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.05. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Celgene had a net margin of 19.81% and a return on equity of 87.28%. Celgene’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.82 earnings per share. analysts anticipate that Celgene Co. will post 7.64 EPS for the current year.

Celgene declared that its board has approved a stock buyback plan on Thursday, May 24th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the biopharmaceutical company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

About Celgene

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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Institutional Ownership by Quarter for Celgene (NASDAQ:CELG)

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