Morse Asset Management Inc Lowers Holdings in Celgene Co. (CELG)

Morse Asset Management Inc lessened its position in shares of Celgene Co. (NASDAQ:CELG) by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,440 shares of the biopharmaceutical company’s stock after selling 2,500 shares during the period. Morse Asset Management Inc’s holdings in Celgene were worth $3,053,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. LSV Asset Management boosted its position in shares of Celgene by 23.3% in the first quarter. LSV Asset Management now owns 14,300 shares of the biopharmaceutical company’s stock worth $1,275,000 after buying an additional 2,700 shares during the period. Financial Gravity Wealth Inc. purchased a new stake in shares of Celgene in the first quarter worth about $417,000. Dillon & Associates Inc. boosted its position in shares of Celgene by 18.5% in the first quarter. Dillon & Associates Inc. now owns 61,656 shares of the biopharmaceutical company’s stock worth $5,487,000 after buying an additional 9,612 shares during the period. State of New Jersey Common Pension Fund D boosted its position in shares of Celgene by 14.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 570,000 shares of the biopharmaceutical company’s stock worth $50,850,000 after buying an additional 70,000 shares during the period. Finally, Doliver Capital Advisors LP purchased a new position in Celgene in the first quarter valued at about $304,000. 73.11% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ CELG opened at $87.17 on Monday. Celgene Co. has a 52-week low of $74.13 and a 52-week high of $147.17. The company has a market cap of $61.05 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 0.52 and a beta of 1.32. The company has a debt-to-equity ratio of 5.76, a quick ratio of 1.40 and a current ratio of 1.52.

Celgene (NASDAQ:CELG) last announced its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported $2.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.11 by $0.05. Celgene had a return on equity of 87.28% and a net margin of 19.81%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter in the prior year, the firm posted $1.82 earnings per share. Celgene’s revenue for the quarter was up 16.6% compared to the same quarter last year. equities research analysts predict that Celgene Co. will post 7.64 EPS for the current fiscal year.

Celgene announced that its Board of Directors has authorized a share repurchase program on Thursday, May 24th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the biopharmaceutical company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

CELG has been the subject of a number of analyst reports. Sanford C. Bernstein raised Celgene from a “market perform” rating to an “outperform” rating and set a $102.00 price target for the company in a report on Wednesday, May 23rd. Zacks Investment Research downgraded Celgene from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. Mizuho reissued a “buy” rating and issued a $129.00 price target on shares of Celgene in a report on Tuesday, July 31st. Canaccord Genuity reissued a “buy” rating on shares of Celgene in a report on Wednesday, May 30th. Finally, SunTrust Banks reduced their price target on Celgene from $106.00 to $96.00 and set a “hold” rating for the company in a report on Tuesday, May 29th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $121.85.

In related news, Director John H. Weiland purchased 5,575 shares of the company’s stock in a transaction dated Tuesday, August 7th. The shares were acquired at an average cost of $89.73 per share, for a total transaction of $500,244.75. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ernest Mario sold 12,000 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $92.32, for a total value of $1,107,840.00. Following the sale, the director now owns 44,413 shares in the company, valued at $4,100,208.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.

Celgene Profile

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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