Celgene Receives Neutral Rating from Zacks (CELG)
Celgene (NASDAQ:CELG)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Thursday. They currently have a $182.00 price objective on the stock. Zacks‘s target price would indicate a potential upside of 5.25% from the company’s current price.
Zacks’ analyst wrote, “Celgene’s first quarter 2014 adjusted earnings of $1.46 per share beat the year-ago figure by 17%. Higher revenues led by Revlimid’s impressive performance boosted earnings. Celgene still expects 2014 earnings per share in the range of $7.0-$7.20. We expect Celgene to easily achieve its guidance based on its strong product portfolio. The approval of Otezla in Mar 2014 has further strengthened its product portfolio. We are also impressed by Celgene’s efforts to develop its pipeline. However, we remain concerned about the loss of exclusivity of Vidaza in the U.S., which hurt sales of the drug in the first quarter of 2014. We retain our Neutral recommendation on the stock. Our target price is $182.00 per share.”
Shares of Celgene (NASDAQ:CELG) traded down 49.92% on Thursday, hitting $86.59. The stock had a trading volume of 2,245,909 shares. Celgene has a 52-week low of $116.71 and a 52-week high of $174.74. The stock’s 50-day moving average is $156. and its 200-day moving average is $156.1. The company has a market cap of $34.672 billion and a P/E ratio of 55.04.
Celgene (NASDAQ:CELG) last posted its quarterly earnings results on Thursday, April 24th. The company reported $1.67 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $1.37 earnings per share. The company’s quarterly revenue was up 18.1% on a year-over-year basis. On average, analysts predict that Celgene will post $3.66 earnings per share for the current fiscal year.
A number of other firms have also recently commented on CELG. Analysts at Credit Suisse reiterated an “outperform” rating on shares of Celgene in a research note on Thursday, June 19th. They now have a $112.50 price target on the stock, up previously from $105.00. Separately, analysts at Morgan Stanley initiated coverage on shares of Celgene in a research note on Monday, June 16th. They set an “equal weight” rating and a $75.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. downgraded shares of Celgene from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 29th. They now have a $85.00 price target on the stock, down previously from $90.00. One research analyst has rated the stock with a sell rating, three have issued 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 $98.50.
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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