M&T Bank Corp cut its position in Celgene Co. (NASDAQ:CELG) by 20.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 128,660 shares of the biopharmaceutical company’s stock after selling 33,128 shares during the period. M&T Bank Corp’s holdings in Celgene were worth $13,427,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in Celgene by 5.7% during the 2nd quarter. BlackRock Inc. now owns 56,725,342 shares of the biopharmaceutical company’s stock valued at $7,366,919,000 after acquiring an additional 3,084,227 shares during the last quarter. Vanguard Group Inc. raised its stake in Celgene by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 53,527,210 shares of the biopharmaceutical company’s stock valued at $6,951,579,000 after acquiring an additional 1,610,056 shares during the last quarter. Nicholas Company Inc. raised its stake in Celgene by 2.1% during the 2nd quarter. Nicholas Company Inc. now owns 441,200 shares of the biopharmaceutical company’s stock valued at $57,298,000 after acquiring an additional 9,285 shares during the last quarter. Lockheed Martin Investment Management Co. raised its stake in Celgene by 40.0% during the 3rd quarter. Lockheed Martin Investment Management Co. now owns 14,000 shares of the biopharmaceutical company’s stock valued at $2,041,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Sigma Planning Corp raised its stake in Celgene by 399.8% during the 3rd quarter. Sigma Planning Corp now owns 19,834 shares of the biopharmaceutical company’s stock valued at $2,892,000 after acquiring an additional 15,866 shares during the last quarter. 78.67% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on CELG. Vetr downgraded Celgene from a “strong-buy” rating to a “buy” rating and set a $121.72 price objective for the company. in a research note on Monday, December 18th. Credit Suisse Group set a $128.00 price objective on Celgene and gave the company a “buy” rating in a research note on Tuesday, December 12th. Deutsche Bank began coverage on Celgene in a research note on Tuesday, December 12th. They set a “hold” rating and a $114.00 price objective for the company. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Celgene in a research note on Sunday, December 10th. Finally, Oppenheimer set a $166.00 target price on Celgene and gave the stock a “buy” rating in a research note on Thursday, December 14th. 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. The stock has a consensus rating of “Buy” and an average target price of $128.22.
Celgene (NASDAQ:CELG) last released its quarterly earnings data on Thursday, January 25th. The biopharmaceutical company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.09. Celgene had a return on equity of 67.50% and a net margin of 22.38%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.46 billion. During the same period last year, the business posted $1.61 EPS. Celgene’s quarterly revenue was up 16.9% on a year-over-year basis. equities analysts predict that Celgene Co. will post 7.66 earnings per share for the current fiscal year.
Celgene announced that its Board of Directors has approved a share repurchase plan on Wednesday, February 14th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the biopharmaceutical company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In related news, insider Mark J. Alles bought 3,260 shares of the stock in a transaction on Thursday, February 8th. The shares were purchased at an average price of $91.90 per share, for a total transaction of $299,594.00. Following the acquisition, the insider now owns 178,904 shares in the company, valued at $16,441,277.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gilla Kaplan sold 9,250 shares of the stock in a transaction 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 sale, the director now owns 94,801 shares in the company, valued at approximately $8,989,978.83. The disclosure for this sale can be found here. Insiders sold a total of 41,120 shares of company stock valued at $3,879,509 over the last ninety days. 0.95% of the stock is currently owned by company insiders.
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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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