TNB Financial decreased its holdings in shares of Celgene Co. (NASDAQ:CELG) by 23.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,958 shares of the biopharmaceutical company’s stock after selling 9,330 shares during the quarter. TNB Financial’s holdings in Celgene were worth $3,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Bank of The West increased its holdings in shares of Celgene by 23.4% in the fourth quarter. Bank of The West now owns 8,571 shares of the biopharmaceutical company’s stock worth $895,000 after purchasing an additional 1,628 shares during the period. Majedie Asset Management Ltd increased its holdings in shares of Celgene by 12.8% in the fourth quarter. Majedie Asset Management Ltd now owns 37,994 shares of the biopharmaceutical company’s stock worth $3,965,000 after purchasing an additional 4,313 shares during the period. Aries Wealth Management bought a new position in shares of Celgene in the fourth quarter worth $588,000. Allegis Investment Advisors LLC increased its holdings in shares of Celgene by 4.5% in the fourth quarter. Allegis Investment Advisors LLC now owns 24,635 shares of the biopharmaceutical company’s stock worth $2,571,000 after purchasing an additional 1,057 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Celgene by 12.2% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 106,447 shares of the biopharmaceutical company’s stock worth $11,109,000 after purchasing an additional 11,592 shares during the period. 78.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of Celgene Co. (NASDAQ:CELG) opened at $91.56 on Wednesday. The company has a debt-to-equity ratio of 2.29, a quick ratio of 4.80 and a current ratio of 4.99. The firm has a market cap of $69,410.77, a PE ratio of 13.45, a PEG ratio of 0.65 and a beta of 1.58. Celgene Co. has a 1-year low of $86.55 and a 1-year high of $147.17.
Celgene announced that its board has authorized a share buyback program on Wednesday, February 14th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the biopharmaceutical company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several research firms have recently weighed in on CELG. Cantor Fitzgerald set a $112.00 price target on shares of Celgene and gave the stock a “hold” rating in a report on Tuesday, January 23rd. Deutsche Bank began coverage on Celgene in a research note on Tuesday, December 12th. They issued a “hold” rating and a $114.00 target price on the stock. Robert W. Baird reissued a “hold” rating and issued a $92.00 target price on shares of Celgene in a research note on Thursday, March 1st. TheStreet cut Celgene from a “b-” rating to a “c+” rating in a research note on Friday, November 17th. Finally, SunTrust Banks set a $127.00 target price on Celgene and gave the company a “buy” rating in a research note on Monday, January 8th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $128.22.
In other news, Director James J. Loughlin sold 9,250 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $92.01, for a total transaction of $851,092.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ernest Mario sold 13,370 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $94.49, for a total transaction of $1,263,331.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,120 shares of company stock valued at $3,879,509. 0.95% of the stock is currently owned by company insiders.
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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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