Celgene (CELG) to Buyback $5.00 billion in Outstanding Shares

Celgene (NASDAQ:CELG) announced that its Board of Directors has initiated a stock buyback plan, which permits the company to buyback $5.00 billion in shares on Wednesday, February 14th, EventVestor reports. This buyback authorization permits the biopharmaceutical company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Shares of Celgene (CELG) traded up $0.47 during midday trading on Wednesday, reaching $91.98. The company’s stock had a trading volume of 7,879,300 shares, compared to its average volume of 8,178,080. The company has a current ratio of 4.99, a quick ratio of 4.80 and a debt-to-equity ratio of 2.29. The company has a market cap of $70,150.00, a P/E ratio of 25.93, a P/E/G ratio of 0.64 and a beta of 1.49. Celgene has a 52 week low of $88.32 and a 52 week high of $147.17.

Celgene (NASDAQ:CELG) last issued its quarterly earnings results on Thursday, January 25th. The biopharmaceutical company reported $1.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.09. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.46 billion. Celgene had a return on equity of 67.50% and a net margin of 22.38%. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.61 EPS. sell-side analysts expect that Celgene will post 7.68 earnings per share for the current year.

Several equities research analysts have recently issued reports on CELG shares. BMO Capital Markets lifted their price target on Celgene from $160.00 to $167.00 and gave the company a “positive” rating in a report on Tuesday, October 17th. Sanford C. Bernstein started coverage on Celgene in a report on Tuesday, October 17th. They set an “outperform” rating and a $162.00 price target for the company. Zacks Investment Research lowered Celgene from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Robert W. Baird lowered Celgene from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $162.00 to $136.00 in a report on Friday, October 20th. Finally, Citigroup lowered Celgene from a “buy” rating to a “neutral” rating in a report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eighteen 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 a consensus price target of $130.35.

In other Celgene news, insider Mark J. Alles purchased 3,260 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were bought at an average cost of $91.90 per share, with a total value of $299,594.00. Following the transaction, the insider now directly owns 178,904 shares in the company, valued at approximately $16,441,277.60. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.95% of the company’s stock.

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Celgene 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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