Essex Investment Management Co. LLC lowered its position in shares of Celgene Co. (NASDAQ:CELG) by 78.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,573 shares of the biopharmaceutical company’s stock after selling 91,561 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Celgene were worth $2,564,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Beach Investment Management LLC. increased its holdings in Celgene by 1,935.3% in the second quarter. Beach Investment Management LLC. now owns 126,188 shares of the biopharmaceutical company’s stock valued at $16,388,000 after purchasing an additional 119,988 shares during the last quarter. CIBC World Markets Inc. increased its holdings in Celgene by 93.3% in the second quarter. CIBC World Markets Inc. now owns 204,143 shares of the biopharmaceutical company’s stock valued at $26,512,000 after purchasing an additional 98,517 shares during the last quarter. Eaton Vance Management increased its holdings in Celgene by 10.4% in the second quarter. Eaton Vance Management now owns 3,448,409 shares of the biopharmaceutical company’s stock valued at $447,845,000 after purchasing an additional 323,608 shares during the last quarter. Franklin Resources Inc. increased its holdings in Celgene by 3.3% in the second quarter. Franklin Resources Inc. now owns 11,080,093 shares of the biopharmaceutical company’s stock valued at $1,439,025,000 after purchasing an additional 349,974 shares during the last quarter. Finally, South Dakota Investment Council increased its holdings in Celgene by 1.9% in the second quarter. South Dakota Investment Council now owns 229,530 shares of the biopharmaceutical company’s stock valued at $29,809,000 after purchasing an additional 4,330 shares during the last quarter. Institutional investors own 78.67% of the company’s stock.
In related news, insider Mark J. Alles purchased 3,260 shares of Celgene stock in a transaction that occurred on Thursday, February 8th. The stock was purchased at an average cost of $91.90 per share, with a total value of $299,594.00. Following the completion of the transaction, the insider now owns 178,904 shares of the company’s stock, valued at approximately $16,441,277.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gilla Kaplan sold 9,250 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $94.83, for a total value of $877,177.50. Following the transaction, the director now directly owns 94,801 shares of the company’s stock, valued at $8,989,978.83. The disclosure for this sale can be found here. Insiders have sold 31,870 shares of company stock valued at $3,028,416 over the last ninety days. 0.95% of the stock is owned by insiders.
Celgene (NASDAQ:CELG) last posted its quarterly earnings data on Thursday, January 25th. The biopharmaceutical company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.09. The company had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Celgene had a return on equity of 67.50% and a net margin of 22.38%. Celgene’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.61 earnings per share. research analysts anticipate that Celgene Co. will post 7.66 EPS for the current fiscal year.
Celgene declared that its Board of Directors has approved a stock repurchase plan on Wednesday, February 14th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the biopharmaceutical company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
CELG has been the subject of a number of recent analyst reports. BMO Capital Markets upped their price objective on Celgene from $148.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 17th. Cantor Fitzgerald set a $112.00 price objective on Celgene and gave the company a “hold” rating in a report on Wednesday, January 17th. William Blair reiterated a “buy” rating on shares of Celgene in a report on Wednesday, February 28th. Credit Suisse Group set a $129.00 price objective on Celgene and gave the company a “buy” rating in a report on Thursday, March 1st. Finally, Stifel Nicolaus set a $130.00 price objective on Celgene and gave the company a “buy” rating in a report on Monday, January 8th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $128.22.
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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