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Celgene (NASDAQ:CELG) gapped up prior to trading on Thursday after Piper Jaffray upgraded the stock from a neutral rating to an overweight rating, AnalystRatingsNetwork reports. The stock had previously closed at $159.06, but opened at $161.07. Piper Jaffray now has a $170.00 price target on the stock. Celgene shares last traded at $166.60, with a volume of 2,014,955 shares trading hands.

Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Celgene in a research note on Friday, March 28th. They now have a $149.00 price target on the stock. Analysts at Morgan Stanley initiated coverage on shares of Celgene in a research note on Wednesday, March 26th. They set an “equal weight” rating and a $150.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Celgene currently has an average rating of “Buy” and an average target price of $186.71.

The stock has a 50-day moving average of $153.0 and a 200-day moving average of $155.8. The company has a market cap of $66.614 billion and a price-to-earnings ratio of 51.26.

Celgene (NASDAQ:CELG) last announced its earnings results on Thursday, April 24th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.02. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $1.37 earnings per share. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, analysts predict that Celgene will post $7.32 earnings per share for the current fiscal year.

Celgene Corporation is a global biopharmaceutical company engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

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