Investors Buy Celgene (CELG) on Weakness

Traders purchased shares of Celgene Co. (NASDAQ:CELG) on weakness during trading hours on Thursday. $155.57 million flowed into the stock on the tick-up and $99.46 million flowed out of the stock on the tick-down, for a money net flow of $56.11 million into the stock. Of all companies tracked, Celgene had the 7th highest net in-flow for the day. Celgene traded down ($1.63) for the day and closed at $88.84

CELG has been the subject of several research reports. Cantor Fitzgerald set a $112.00 target price on Celgene and gave the stock a “hold” rating in a research report on Wednesday, January 17th. William Blair reissued a “buy” rating on shares of Celgene in a research report on Wednesday, February 28th. BMO Capital Markets reaffirmed a “buy” rating and set a $147.00 price objective on shares of Celgene in a research report on Friday, December 22nd. Credit Suisse Group set a $129.00 price objective on Celgene and gave the company a “buy” rating in a research report on Thursday, March 1st. Finally, Zacks Investment Research lowered Celgene from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Celgene currently has a consensus rating of “Buy” and a consensus price target of $127.68.

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The company has a market cap of $66,823.28, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 0.59 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 (NASDAQ:CELG) last released its quarterly earnings results on Thursday, January 25th. The biopharmaceutical company reported $1.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.09. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.46 billion. Celgene had a return on equity of 67.50% and a net margin of 22.38%. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period last year, the business posted $1.61 EPS. analysts expect that Celgene Co. will post 7.66 EPS for the current year.

Celgene declared that its board has initiated a share buyback program on Wednesday, February 14th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the biopharmaceutical company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, insider Mark J. Alles purchased 3,260 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were purchased at an average cost of $91.90 per share, for a total transaction of $299,594.00. Following the purchase, the insider now directly owns 178,904 shares in the company, valued at approximately $16,441,277.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James J. Loughlin sold 9,250 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $92.01, for a total value of $851,092.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,120 shares of company stock worth $3,879,509. Company insiders own 0.95% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CELG. Janus Henderson Group PLC lifted its position in Celgene by 4,290.5% during the second quarter. Janus Henderson Group PLC now owns 8,408,961 shares of the biopharmaceutical company’s stock valued at $1,092,071,000 after purchasing an additional 8,217,433 shares in the last quarter. Two Sigma Advisers LP lifted its position in Celgene by 361.3% during the fourth quarter. Two Sigma Advisers LP now owns 3,134,127 shares of the biopharmaceutical company’s stock valued at $327,077,000 after purchasing an additional 2,454,703 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Celgene by 1,489.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,907,052 shares of the biopharmaceutical company’s stock valued at $247,669,000 after purchasing an additional 1,787,052 shares in the last quarter. Jennison Associates LLC lifted its position in Celgene by 11.5% during the third quarter. Jennison Associates LLC now owns 14,962,407 shares of the biopharmaceutical company’s stock valued at $2,181,818,000 after purchasing an additional 1,546,673 shares in the last quarter. Finally, HealthCor Management L.P. lifted its position in Celgene by 217.6% during the fourth quarter. HealthCor Management L.P. now owns 1,725,000 shares of the biopharmaceutical company’s stock valued at $180,021,000 after purchasing an additional 1,181,820 shares in the last quarter. Institutional investors own 78.63% of the company’s stock.

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Celgene Company Profile

Celgene Corporation is an integrated global biopharmaceutical company. The Company, together with its subsidiaries, is engaged 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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