Zacks Investment Research Upgrades Celgene (CELG) to “Hold”

Celgene (NASDAQ:CELG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “Celgene was on the look-out of new deals and acquisitions given a lacklustre 2017. The company recently acquired Juno Therapeutics and added JCAR017 (lisocabtagene maraleucel; liso-cel) to Celgene’s lymphoma pipeline.  JCAR017 is a best-in-class CD19-directed CAR-T candidate, currently in a pivotal program for relapsed and/or refractory diffuse large B-cell lymphoma.  The candidate is expected to obtain regulatory approval in the United States in 2019 and generate sales of approximately $3 billion.  The bluebird deal will further bolster Celgene’s presence in the CAR-T space. Things have been on the downturn for the company since last October after a series of pipeline failures. A late stage study on its lead cancer drug Revlimid in combination with Rituxan failed. Celgene suffered yet another setback when it received Refusal to File letter from the FDA regarding its New Drug Application for multiple sclerosis candidate ozanimod.”

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A number of other research analysts have also commented on CELG. Cantor Fitzgerald set a $112.00 price objective on shares of Celgene and gave the company a “hold” rating in a research report on Monday, April 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $93.00 price objective on shares of Celgene in a research report on Friday, April 13th. ValuEngine lowered shares of Celgene from a “hold” rating to a “sell” rating in a research report on Thursday, April 12th. Credit Suisse Group set a $129.00 price objective on shares of Celgene and gave the company a “buy” rating in a research report on Tuesday. Finally, Leerink Swann reaffirmed a “buy” rating and set a $120.00 price objective on shares of Celgene in a research report on Friday, December 22nd. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $126.95.

Celgene stock opened at $88.95 on Thursday. The firm has a market cap of $67,409.98, a price-to-earnings ratio of 13.00, a PEG ratio of 0.60 and a beta of 1.49. The company has a debt-to-equity ratio of 2.29, a current ratio of 4.99 and a quick ratio of 4.80. Celgene has a fifty-two week low of $84.25 and a fifty-two week high of $147.17.

Celgene (NASDAQ:CELG) last announced its quarterly earnings data on Thursday, January 25th. The biopharmaceutical company reported $1.87 EPS for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.09. The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.46 billion. Celgene had a net margin of 22.38% and a return on equity of 67.50%. The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.61 earnings per share. equities analysts forecast that Celgene will post 7.69 earnings per share for the current fiscal year.

Celgene announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 14th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the biopharmaceutical company to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

In other news, insider Mark J. Alles acquired 3,260 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were purchased at an average cost of $91.90 per share, with a total value of $299,594.00. Following the completion of the purchase, the insider now owns 178,904 shares of the company’s stock, valued at $16,441,277.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gilla Kaplan sold 9,250 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $94.83, for a total transaction of $877,177.50. Following the sale, the director now directly owns 94,801 shares in the company, valued at $8,989,978.83. The disclosure for this sale can be found here. Insiders have sold 41,120 shares of company stock worth $3,879,509 over the last ninety days. Insiders own 0.95% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Lockheed Martin Investment Management Co. grew its stake in shares of Celgene by 40.0% during the third quarter. Lockheed Martin Investment Management Co. now owns 14,000 shares of the biopharmaceutical company’s stock valued at $2,041,000 after purchasing an additional 4,000 shares during the last quarter. Sigma Planning Corp grew its stake in shares of Celgene by 399.8% during the third quarter. Sigma Planning Corp now owns 19,834 shares of the biopharmaceutical company’s stock valued at $2,892,000 after purchasing an additional 15,866 shares during the last quarter. Howland Capital Management LLC grew its stake in shares of Celgene by 8.6% during the third quarter. Howland Capital Management LLC now owns 156,853 shares of the biopharmaceutical company’s stock valued at $22,872,000 after purchasing an additional 12,455 shares during the last quarter. Israel Discount Bank of New York grew its stake in shares of Celgene by 20.7% during the fourth quarter. Israel Discount Bank of New York now owns 5,820 shares of the biopharmaceutical company’s stock valued at $607,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Jump Trading LLC grew its stake in shares of 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 purchasing an additional 3,219 shares during the last quarter. 78.53% of the stock is currently owned by hedge funds and other institutional investors.

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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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