Celgene Corporation (CELG) Downgraded by Wells Fargo & Company

Wells Fargo & Company cut shares of Celgene Corporation (NASDAQ:CELG) from an outperform rating to a market perform rating in a research report report published on Thursday, Marketbeat reports.

Several other brokerages have also commented on CELG. Morgan Stanley lowered Celgene Corporation from an equal weight rating to an underweight rating and set a $120.00 price target on the stock. in a research note on Thursday, October 5th. Royal Bank Of Canada reaffirmed a buy rating and issued a $173.00 price target on shares of Celgene Corporation in a research note on Thursday, October 5th. Robert W. Baird reaffirmed a buy rating and issued a $162.00 price target on shares of Celgene Corporation in a research note on Thursday, September 21st. Cantor Fitzgerald reaffirmed a buy rating and issued a $162.00 price target on shares of Celgene Corporation in a research note on Tuesday, September 26th. Finally, Bank of America Corporation reaffirmed a buy rating on shares of Celgene Corporation in a research note on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $139.64.

Celgene Corporation (NASDAQ:CELG) traded up 1.85% during midday trading on Thursday, reaching $99.99. The company’s stock had a trading volume of 12,400,889 shares. Celgene Corporation has a 1-year low of $94.55 and a 1-year high of $147.17. The firm has a market capitalization of $78.23 billion, a PE ratio of 30.97 and a beta of 1.89. The firm has a 50 day moving average price of $136.88 and a 200 day moving average price of $129.95.

Celgene Corporation (NASDAQ:CELG) last announced its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $1.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.04. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.42 billion. Celgene Corporation had a return on equity of 63.80% and a net margin of 27.36%. Celgene Corporation’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.58 EPS. On average, analysts predict that Celgene Corporation will post $7.32 EPS for the current year.

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In other news, insider Terrie Curran sold 1,727 shares of the company’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $143.89, for a total transaction of $248,498.03. Following the completion of the transaction, the insider now directly owns 3,925 shares of the company’s stock, valued at $564,768.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gilla Kaplan sold 7,500 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $134.52, for a total value of $1,008,900.00. Following the transaction, the director now directly owns 76,301 shares of the company’s stock, valued at $10,264,010.52. The disclosure for this sale can be found here. Insiders have sold 46,233 shares of company stock valued at $6,268,259 over the last ninety days. 0.95% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Neuberger Berman Group LLC boosted its position in shares of Celgene Corporation by 4.0% during the first quarter. Neuberger Berman Group LLC now owns 1,844,837 shares of the biopharmaceutical company’s stock worth $229,553,000 after buying an additional 71,729 shares during the period. Grisanti Capital Management LLC acquired a new position in shares of Celgene Corporation during the second quarter worth about $3,616,000. Lincoln Capital Corp boosted its position in shares of Celgene Corporation by 0.6% during the second quarter. Lincoln Capital Corp now owns 30,580 shares of the biopharmaceutical company’s stock worth $3,971,000 after buying an additional 185 shares during the period. Swiss National Bank boosted its position in shares of Celgene Corporation by 27.2% during the first quarter. Swiss National Bank now owns 2,746,896 shares of the biopharmaceutical company’s stock worth $341,796,000 after buying an additional 588,000 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Celgene Corporation by 9.2% during the second quarter. Russell Investments Group Ltd. now owns 641,697 shares of the biopharmaceutical company’s stock worth $83,344,000 after buying an additional 54,210 shares during the period. 79.39% of the stock is owned by institutional investors.

About Celgene Corporation

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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