Celgene Co. (CELG) Stake Lowered by Welch & Forbes LLC

Welch & Forbes LLC trimmed its holdings in Celgene Co. (NASDAQ:CELG) by 2.0% in the third quarter, Holdings Channel reports. The institutional investor owned 197,880 shares of the biopharmaceutical company’s stock after selling 3,952 shares during the quarter. Welch & Forbes LLC’s holdings in Celgene were worth $17,708,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CELG. Ayalon Holdings Ltd. bought a new stake in Celgene during the 2nd quarter worth about $100,000. Atlantic Trust LLC bought a new stake in Celgene during the 2nd quarter worth about $101,000. Acropolis Investment Management LLC bought a new stake in Celgene during the 2nd quarter worth about $112,000. City Holding Co. bought a new stake in Celgene during the 2nd quarter worth about $143,000. Finally, Sun Life Financial INC raised its holdings in Celgene by 528.9% during the 2nd quarter. Sun Life Financial INC now owns 1,918 shares of the biopharmaceutical company’s stock worth $152,000 after purchasing an additional 1,613 shares during the last quarter. 73.11% of the stock is owned by institutional investors and hedge funds.

Shares of CELG stock opened at $84.28 on Thursday. The company has a debt-to-equity ratio of 5.76, a current ratio of 1.52 and a quick ratio of 1.40. The stock has a market capitalization of $62.94 billion, a PE ratio of 12.32, a P/E/G ratio of 0.54 and a beta of 1.30. Celgene Co. has a one year low of $74.13 and a one year high of $139.40.

Celgene (NASDAQ:CELG) last announced its quarterly earnings results on Thursday, July 26th. The biopharmaceutical company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.05. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Celgene had a return on equity of 87.28% and a net margin of 19.81%. Celgene’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 EPS. As a group, sell-side analysts expect that Celgene Co. will post 7.64 earnings per share for the current fiscal year.

In related news, Director Ernest Mario sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $92.32, for a total value of $1,107,840.00. Following the completion of the transaction, the director now directly owns 44,413 shares in the company, valued at approximately $4,100,208.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John H. Weiland acquired 5,575 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The stock was acquired at an average price of $89.73 per share, with a total value of $500,244.75. The disclosure for this purchase can be found here. Corporate insiders own 0.39% of the company’s stock.

Several analysts have weighed in on the company. BidaskClub raised Celgene from a “sell” rating to a “hold” rating in a report on Tuesday, July 10th. Cowen reissued a “buy” rating and set a $150.00 price objective on shares of Celgene in a report on Tuesday, July 10th. Mizuho reissued a “buy” rating and set a $118.00 price objective on shares of Celgene in a report on Tuesday, July 10th. Morgan Stanley boosted their price objective on Celgene from $90.00 to $91.00 and gave the stock an “equal weight” rating in a report on Friday, July 13th. Finally, SunTrust Banks reissued a “hold” rating and set a $101.00 price objective on shares of Celgene in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $119.99.

About Celgene

Celgene Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapies for the treatment of cancer and inflammatory diseases worldwide. It offers REVLIMID, an oral immunomodulatory drug for multiple myeloma (MM), myelodysplastic syndromes (MDS), and mantle cell lymphoma; POMALYST/IMNOVID to treat multiple myeloma; OTEZLA, a small-molecule inhibitor of phosphodiesterase 4 for psoriatic arthritis and psoriasis; and ABRAXANE, a solvent-free chemotherapy product to treat breast, non-small cell lung, pancreatic, and gastric cancers.

Further Reading: Technical Analysis of Stocks and What It Means

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Institutional Ownership by Quarter for Celgene (NASDAQ:CELG)

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