The Celgene Corporation (CELG) Announces Quarterly Earnings Results

The Celgene Corporation (CELG) Announces Quarterly  Earnings Results

Celgene Corporation (NASDAQ:CELG) released its quarterly earnings data on Thursday. The biopharmaceutical company reported $1.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.04, MarketWatch Earnings reports. Celgene Corporation had a net margin of 21.35% and a return on equity of 68.51%. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the company posted $1.58 earnings per share. The business’s revenue was up 10.2% on a year-over-year basis. Celgene Corporation updated its FY17 guidance to $7.30-7.35 EPS.

Shares of Celgene Corporation (CELG) traded down 18.80% during midday trading on Thursday, reaching $97.08. 60,697,041 shares of the company were exchanged. Celgene Corporation has a 12-month low of $94.55 and a 12-month high of $147.17. The stock has a market capitalization of $75.95 billion, a P/E ratio of 30.07 and a beta of 1.88. The company has a 50 day moving average price of $139.20 and a 200-day moving average price of $130.37.

Several analysts have recently issued reports on CELG shares. Vetr lowered shares of Celgene Corporation from a “strong-buy” rating to a “buy” rating and set a $146.88 target price for the company. in a research note on Tuesday, August 29th. Leerink Swann reiterated a “buy” rating and issued a $156.00 target price on shares of Celgene Corporation in a research note on Friday, October 20th. Cantor Fitzgerald reiterated a “buy” rating on shares of Celgene Corporation in a research note on Monday, August 28th. Bank of America Corporation reiterated a “buy” rating on shares of Celgene Corporation in a research note on Wednesday, September 13th. Finally, William Blair reiterated an “outperform” rating on shares of Celgene Corporation in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $150.40.

In other Celgene Corporation news, Director Ernest Mario sold 18,506 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $130.52, for a total value of $2,415,403.12. Following the completion of the transaction, the director now directly owns 69,424 shares in the company, valued at approximately $9,061,220.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Terrie Curran sold 1,727 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $143.89, for a total value of $248,498.03. Following the completion of the transaction, the insider now owns 3,925 shares of the company’s stock, valued at $564,768.25. The disclosure for this sale can be found here. Insiders sold a total of 46,233 shares of company stock valued at $6,268,259 over the last 90 days. 0.95% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of CELG. Castleark Management LLC bought a new position in Celgene Corporation in the 2nd quarter worth approximately $30,282,000. Chiron Investment Management LLC boosted its stake in Celgene Corporation by 38.4% in the 2nd quarter. Chiron Investment Management LLC now owns 131,800 shares of the biopharmaceutical company’s stock worth $17,117,000 after purchasing an additional 36,600 shares during the period. Sterling Capital Management LLC boosted its stake in Celgene Corporation by 682.1% in the 2nd quarter. Sterling Capital Management LLC now owns 37,423 shares of the biopharmaceutical company’s stock worth $4,860,000 after purchasing an additional 32,638 shares during the period. Scotia Capital Inc. boosted its stake in Celgene Corporation by 21.0% in the 2nd quarter. Scotia Capital Inc. now owns 69,457 shares of the biopharmaceutical company’s stock worth $9,020,000 after purchasing an additional 12,058 shares during the period. Finally, Cypress Capital Group boosted its stake in Celgene Corporation by 12.6% in the 2nd quarter. Cypress Capital Group now owns 39,742 shares of the biopharmaceutical company’s stock worth $5,162,000 after purchasing an additional 4,450 shares during the period. Institutional investors and hedge funds own 79.23% of the company’s stock.

Celgene Corporation 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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