Zacks Investment Research cut shares of Celgene (NASDAQ:CELG) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “Celgene’s lead drug Revlimid continue to boost performance. Other drugs like Pomalyst and Otezla are also performing well. The increase in annual guidance concurrent with the second-quarter earnings on the back of strong Revlimid sales should boost investors’ sentiment, given the recent spate of pipeline setbacks. The company is focussed on the next cycle of innovation with five late stage candidates. In a bid to revive its pipeline, Celgene acquired Juno Therapeutics and added JCAR017 to its lymphoma pipeline. Luspatercept looks promising as well with positive data from two late-stage trials. However, shares have underperformed the industry in the year so far.  While Revlimid sales continue to be impressive, the company’s dependence on the same is a concern. Celgene suffered a setback when it received a Refusal To File letter from the FDA, regarding the NDA for ozanimod in relapsing multiple sclerosis (RMS).”

A number of other research firms have also recently commented on CELG. Mizuho restated a buy rating and issued a $129.00 price target on shares of Celgene in a report on Tuesday, July 31st. BidaskClub upgraded shares of Celgene from a hold rating to a buy rating in a report on Thursday, August 16th. Morgan Stanley raised their price target on shares of Celgene from $91.00 to $93.00 and gave the stock an equal weight rating in a report on Friday, July 27th. SunTrust Banks restated a hold rating and issued a $101.00 price target on shares of Celgene in a report on Friday, July 27th. Finally, Cowen restated a buy rating and issued a $150.00 price target on shares of Celgene in a report on Tuesday, July 10th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $121.85.

NASDAQ:CELG traded up $0.73 during trading hours on Wednesday, reaching $89.03. The company had a trading volume of 44,203 shares, compared to its average volume of 3,881,236. The company has a current ratio of 1.52, a quick ratio of 1.40 and a debt-to-equity ratio of 5.76. The stock has a market capitalization of $61.59 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 0.53 and a beta of 1.32. Celgene has a twelve month low of $74.13 and a twelve month high of $147.17.

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

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Indiana Trust & Investment Management CO bought a new stake in Celgene in the second quarter worth about $1,307,000. Prospera Financial Services Inc bought a new stake in Celgene in the second quarter worth about $352,000. Headinvest LLC bought a new stake in Celgene in the second quarter worth about $1,819,000. Korea Investment CORP raised its position in Celgene by 1.5% in the second quarter. Korea Investment CORP now owns 674,446 shares of the biopharmaceutical company’s stock worth $53,565,000 after acquiring an additional 10,000 shares during the period. Finally, NumerixS Investment Technologies Inc bought a new stake in Celgene in the second quarter worth about $1,548,000. 73.07% of the stock is currently owned by institutional investors.

Celgene Company Profile

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.

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