Zacks Investment Research upgraded shares of Celgene Corp. (NASDAQ:CELG) from a hold rating to a buy rating in a report released on Friday. Zacks Investment Research currently has $117.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Celgene’s key growth driver, Revlimid, continues to be driven by market share gains and increased duration. Other key products – Pomalyst/Imnovid, Abraxane and Otezla – should continue to drive the top line. The company’s raised outlook for 2016 is also encouraging. Celgene expects earnings in the range of $5.70 to $5.75 per share, while net product sales are anticipated to be approximately $11 billion. Revlimid is projected to bring in sales of approximately $6.8 billion in 2016. Meanwhile, the company continues to progress with its label expansion efforts and pipeline development. Label expansion of approved drugs would boost its revenues. Celgene’s pipeline looks interesting, with several data readouts expected in the second half of the year, and over the next few years. However, Celgene is highly dependent on Revlimid for growth. Stiff competition in target markets is also a concern.”
Several other equities analysts have also recently commented on the company. Jefferies Group restated a buy rating and set a $138.00 target price on shares of Celgene Corp. in a research report on Sunday, July 10th. BTIG Research restated a buy rating and set a $138.00 target price on shares of Celgene Corp. in a research report on Sunday, August 21st. Vetr cut Celgene Corp. from a buy rating to a hold rating and set a $106.06 target price for the company. in a research report on Wednesday, July 6th. Morgan Stanley restated an equal weight rating and set a $120.00 target price on shares of Celgene Corp. in a research report on Monday, September 12th. Finally, Piper Jaffray Cos. restated an overweight rating and set a $145.00 target price on shares of Celgene Corp. in a research report on Sunday, October 2nd. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $137.44.
Celgene Corp. (NASDAQ:CELG) opened at 100.10 on Friday. The company has a market capitalization of $77.59 billion, a P/E ratio of 42.31 and a beta of 1.49. Celgene Corp. has a 12 month low of $93.05 and a 12 month high of $128.39. The stock’s 50 day moving average price is $106.31 and its 200-day moving average price is $105.52.
Celgene Corp. (NASDAQ:CELG) last posted its earnings results on Thursday, July 28th. The biopharmaceutical company reported $1.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.05. Celgene Corp. had a return on equity of 67.06% and a net margin of 18.95%. The business earned $2.74 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the previous year, the business earned $1.23 earnings per share. The firm’s revenue was up 20.9% on a year-over-year basis. On average, equities research analysts predict that Celgene Corp. will post $5.71 EPS for the current fiscal year.
In other news, Director Michael A. Friedman sold 56,116 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $103.66, for a total transaction of $5,816,984.56. Following the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $5,183,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert J. Hugin sold 100,000 shares of the stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $110.00, for a total value of $11,000,000.00. Following the transaction, the insider now directly owns 1,022,201 shares in the company, valued at $112,442,110. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Brick & Kyle Associates boosted its position in shares of Celgene Corp. by 21.3% in the first quarter. Brick & Kyle Associates now owns 10,645 shares of the biopharmaceutical company’s stock worth $1,065,000 after buying an additional 1,870 shares in the last quarter. Exane Derivatives boosted its position in shares of Celgene Corp. by 4.5% in the first quarter. Exane Derivatives now owns 2,633 shares of the biopharmaceutical company’s stock worth $264,000 after buying an additional 114 shares in the last quarter. Exane Asset Management boosted its position in shares of Celgene Corp. by 38.4% in the first quarter. Exane Asset Management now owns 103,368 shares of the biopharmaceutical company’s stock worth $10,346,000 after buying an additional 28,676 shares in the last quarter. Addenda Capital Inc. bought a new position in shares of Celgene Corp. during the first quarter worth approximately $1,387,000. Finally, Badgley Phelps & Bell Inc. boosted its position in shares of Celgene Corp. by 5.2% in the first quarter. Badgley Phelps & Bell Inc. now owns 88,183 shares of the biopharmaceutical company’s stock worth $8,826,000 after buying an additional 4,339 shares in the last quarter. 77.75% of the stock is currently owned by hedge funds and other institutional investors.
About Celgene Corp.
Celgene Corporation (Celgene) is a biopharmaceutical company. The Company together with its subsidiaries is engaged primarily 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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