Celgene Co. (NASDAQ:CELG) was the target of a significant decrease in short interest in June. As of June 15th, there was short interest totalling 23,941,180 shares, a decrease of 30.3% from the May 31st total of 34,342,932 shares. Approximately 3.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 6,682,994 shares, the days-to-cover ratio is presently 3.6 days.
Shares of CELG traded down $0.22 during mid-day trading on Tuesday, hitting $78.31. 5,062,330 shares of the company’s stock were exchanged, compared to its average volume of 7,440,393. The stock has a market capitalization of $57.12 billion, a PE ratio of 11.45, a P/E/G ratio of 0.50 and a beta of 1.45. Celgene has a fifty-two week low of $74.13 and a fifty-two week high of $147.17. The company has a debt-to-equity ratio of 3.92, a quick ratio of 2.36 and a current ratio of 2.53.
Celgene (NASDAQ:CELG) last issued its earnings results on Friday, May 4th. The biopharmaceutical company reported $2.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.09. The firm had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.47 billion. Celgene had a net margin of 20.73% and a return on equity of 72.92%. The firm’s revenue was up 19.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.68 earnings per share. sell-side analysts predict that Celgene will post 7.63 earnings per share for the current year.
Celgene announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 24th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the biopharmaceutical company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have recently issued reports on CELG shares. Credit Suisse Group set a $129.00 target price on shares of Celgene and gave the stock a “buy” rating in a report on Thursday, March 1st. William Blair reissued a “buy” rating on shares of Celgene in a report on Wednesday, February 28th. UBS Group set a $106.00 price objective on shares of Celgene and gave the company a “buy” rating in a report on Wednesday, February 28th. Stifel Nicolaus reissued a “buy” rating and issued a $128.00 price objective (down previously from $130.00) on shares of Celgene in a report on Wednesday, February 28th. Finally, Leerink Swann set a $123.00 price objective on shares of Celgene and gave the company a “buy” rating in a report on Wednesday, March 28th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Celgene has an average rating of “Buy” and an average price target of $123.02.
In other news, 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 completion of the sale, the director now owns 27,750 shares of the company’s stock, valued at $2,185,867.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark J. Alles bought 1,208 shares of the company’s stock in a transaction dated Wednesday, May 9th. The shares were acquired at an average cost of $82.60 per share, with a total value of $99,780.80. Following the acquisition, the chief executive officer now directly owns 187,316 shares of the company’s stock, valued at $15,472,301.60. The disclosure for this purchase can be found here. Insiders have sold 58,500 shares of company stock valued at $4,608,365 in the last ninety days. Insiders own 0.39% of the company’s stock.
A number of large investors have recently modified their holdings of CELG. Two Sigma Advisers LP raised its holdings in Celgene by 361.3% in 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 acquiring an additional 2,454,703 shares in the last quarter. Old Mutual Global Investors UK Ltd. raised its holdings in Celgene by 4,047.3% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,576,831 shares of the biopharmaceutical company’s stock valued at $140,669,000 after acquiring an additional 1,538,810 shares in the last quarter. Natixis raised its holdings in Celgene by 245.6% in the first quarter. Natixis now owns 1,746,416 shares of the biopharmaceutical company’s stock valued at $155,798,000 after acquiring an additional 1,241,120 shares in the last quarter. HealthCor Management L.P. raised its holdings in Celgene by 217.6% in 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 acquiring an additional 1,181,820 shares in the last quarter. Finally, Clearbridge Investments LLC raised its holdings in Celgene by 17.0% in the fourth quarter. Clearbridge Investments LLC now owns 6,316,829 shares of the biopharmaceutical company’s stock valued at $659,224,000 after acquiring an additional 916,173 shares in the last quarter. 75.46% of the stock is currently owned by hedge funds and other institutional investors.
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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