Spark Investment Management LLC Grows Stake in Celgene Co. (CELG)
Spark Investment Management LLC grew its holdings in shares of Celgene Co. (NASDAQ:CELG) by 8.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 221,400 shares of the biopharmaceutical company’s stock after buying an additional 16,500 shares during the period. Celgene accounts for about 1.0% of Spark Investment Management LLC’s investment portfolio, making the stock its 8th biggest holding. Spark Investment Management LLC’s holdings in Celgene were worth $17,583,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in CELG. Old Mutual Global Investors UK Ltd. raised its holdings in Celgene by 4,047.3% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 1,576,831 shares of the biopharmaceutical company’s stock worth $140,669,000 after purchasing an additional 1,538,810 shares in the last quarter. Natixis raised its holdings in Celgene by 245.6% during the first quarter. Natixis now owns 1,746,416 shares of the biopharmaceutical company’s stock worth $155,798,000 after purchasing an additional 1,241,120 shares in the last quarter. Swedbank raised its holdings in Celgene by 25.0% during the second quarter. Swedbank now owns 3,881,075 shares of the biopharmaceutical company’s stock worth $308,235,000 after purchasing an additional 777,099 shares in the last quarter. Chevy Chase Trust Holdings Inc. bought a new stake in Celgene during the second quarter worth approximately $51,914,000. Finally, LGT Capital Partners LTD. bought a new stake in Celgene during the second quarter worth approximately $44,683,000. 76.42% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director John H. Weiland acquired 5,575 shares of the stock in a transaction 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael D. Casey sold 13,000 shares of Celgene stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $78.77, for a total transaction of $1,024,010.00. Following the transaction, the director now owns 27,750 shares in the company, valued at $2,185,867.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,750 shares of company stock worth $3,533,390. Corporate insiders own 0.39% of the company’s stock.
Celgene (NASDAQ:CELG) last posted its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.05. Celgene had a net margin of 19.81% and a return on equity of 87.28%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same period in the previous year, the company posted $1.82 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. sell-side analysts predict that Celgene Co. will post 7.64 earnings per share for the current year.
Celgene declared that its board has authorized a stock repurchase program on Thursday, May 24th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the biopharmaceutical company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently commented on the company. BidaskClub raised Celgene from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Cowen reissued a “buy” rating and set a $150.00 target price on shares of Celgene in a report on Tuesday, July 10th. Mizuho reissued a “buy” rating and set a $118.00 target price on shares of Celgene in a report on Tuesday, July 10th. Morgan Stanley boosted their target price 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 target price on shares of Celgene in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company. Celgene currently has an average rating of “Buy” and an average price target of $121.85.
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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