Argus Downgrades Celgene Co. (CELG) to Hold

Argus cut shares of Celgene Co. (NASDAQ:CELG) from a buy rating to a hold rating in a research report sent to investors on Friday, May 5th. They currently have $124.46 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $123.91. The analysts noted that the move was a valuation call.

Several other equities analysts have also weighed in on the stock. BTIG Research reiterated a buy rating and set a $138.00 price objective on shares of Celgene in a report on Monday, May 1st. Cantor Fitzgerald set a $159.00 price objective on shares of Celgene and gave the company a buy rating in a report on Thursday, April 27th. Cann reiterated a buy rating on shares of Celgene in a report on Thursday, April 27th. Barclays PLC reissued an equal weight rating and set a $125.00 target price (up from $120.00) on shares of Celgene in a research report on Sunday, April 23rd. Finally, Robert W. Baird reissued an outperform rating and set a $162.00 target price on shares of Celgene in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $138.53.

Shares of Celgene (NASDAQ:CELG) traded down 0.40% on Friday, hitting $116.93. The stock had a trading volume of 3,093,067 shares. The firm has a 50 day moving average price of $122.61 and a 200 day moving average price of $119.36. Celgene has a one year low of $94.42 and a one year high of $127.64. The company has a market capitalization of $91.30 billion, a P/E ratio of 43.91 and a beta of 1.74.

Celgene (NASDAQ:CELG) last announced its quarterly earnings data on Thursday, April 27th. The biopharmaceutical company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.21. Celgene had a net margin of 17.80% and a return on equity of 77.95%. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the business earned $1.32 earnings per share. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, equities research analysts predict that Celgene will post $7.28 earnings per share for the current fiscal year.

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In other Celgene news, Director James J. Loughlin sold 9,250 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $124.00, for a total transaction of $1,147,000.00. Following the completion of the sale, the director now directly owns 32,169 shares in the company, valued at approximately $3,988,956. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Rupert Vessey sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $124.42, for a total transaction of $497,680.00. Following the sale, the insider now owns 778 shares of the company’s stock, valued at $96,798.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,283 shares of company stock valued at $3,382,386. 0.97% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Cambridge Trust Co. raised its stake in Celgene by 1.2% in the first quarter. Cambridge Trust Co. now owns 121,115 shares of the biopharmaceutical company’s stock worth $15,070,000 after buying an additional 1,465 shares in the last quarter. North Star Asset Management Inc. purchased a new stake in Celgene during the first quarter worth $201,000. Bank of Nova Scotia raised its stake in Celgene by 340.0% in the first quarter. Bank of Nova Scotia now owns 192,020 shares of the biopharmaceutical company’s stock worth $23,893,000 after buying an additional 148,375 shares in the last quarter. Brighton Jones LLC purchased a new stake in Celgene during the first quarter worth $940,000. Finally, Meridian Wealth Management LLC purchased a new stake in Celgene during the first quarter worth $780,000. Institutional investors and hedge funds own 77.68% of the company’s stock.

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.

12 Month Chart for NASDAQ:CELG

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