Citigroup Inc. Downgrades Celgene Corporation (CELG) to Neutral
Celgene Corporation (NASDAQ:CELG) was downgraded by Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat Ratings reports.
CELG has been the topic of several other research reports. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $175.00 target price (up previously from $148.00) on shares of Celgene Corporation in a report on Monday, July 31st. Cantor Fitzgerald set a $160.00 target price on Celgene Corporation and gave the stock a “buy” rating in a report on Thursday, July 27th. BMO Capital Markets reiterated an “outperform” rating and set a $160.00 target price (up previously from $152.00) on shares of Celgene Corporation in a report on Friday, July 28th. Mizuho set a $134.00 target price on Celgene Corporation and gave the stock a “buy” rating in a report on Wednesday, July 26th. Finally, Vetr lowered Celgene Corporation from a “buy” rating to a “hold” rating and set a $145.17 target price on the stock. in a report on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $150.43.
Shares of Celgene Corporation (CELG) traded down 10.76% on Friday, hitting $121.33. The stock had a trading volume of 27,765,072 shares. The stock has a market capitalization of $94.92 billion, a PE ratio of 37.58 and a beta of 1.88. The firm’s 50 day moving average is $140.79 and its 200-day moving average is $130.41. Celgene Corporation has a one year low of $96.93 and a one year high of $147.17.
Celgene Corporation (NASDAQ:CELG) last released its earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.21. Celgene Corporation had a return on equity of 68.51% and a net margin of 21.35%. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same quarter in the prior year, the company posted $1.44 earnings per share. Celgene Corporation’s revenue was up 18.7% on a year-over-year basis. Equities research analysts expect that Celgene Corporation will post $7.33 earnings per share for the current fiscal year.
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In related news, insider Terrie Curran sold 1,727 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $143.89, for a total transaction of $248,498.03. Following the sale, the insider now owns 3,925 shares of the company’s stock, valued at $564,768.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ernest Mario sold 18,506 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $130.52, for a total value of $2,415,403.12. Following the sale, the director now directly owns 69,424 shares in the company, valued at approximately $9,061,220.48. The disclosure for this sale can be found here. Insiders have sold 46,233 shares of company stock worth $6,268,259 in the last three months. 0.95% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of CELG. Thompson Davis & CO. Inc. grew its position in Celgene Corporation by 5.9% during the second quarter. Thompson Davis & CO. Inc. now owns 773 shares of the biopharmaceutical company’s stock worth $100,000 after buying an additional 43 shares in the last quarter. Arcadia Investment Management Corp MI boosted its holdings in shares of Celgene Corporation by 118.7% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 737 shares of the biopharmaceutical company’s stock valued at $107,000 after purchasing an additional 400 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Celgene Corporation in the 1st quarter valued at $118,000. Motco boosted its holdings in shares of Celgene Corporation by 19.3% in the 2nd quarter. Motco now owns 981 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 159 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in shares of Celgene Corporation in the 2nd quarter valued at $129,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.
Celgene Corporation 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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