Morgan Stanley Lowers Celgene Corporation (CELG) to Underweight

Morgan Stanley downgraded shares of Celgene Corporation (NASDAQ:CELG) from an equal weight rating to an underweight rating in a research note released on Thursday, October 5th, MarketBeat reports. They currently have $120.00 target price on the biopharmaceutical company’s stock.

A number of other research firms have also weighed in on CELG. BTIG Research lowered shares of Celgene Corporation from a buy rating to a neutral rating and increased their price objective for the stock from $96.93 to $131.70 in a research report on Friday, June 30th. Leerink Swann reaffirmed an outperform rating and set a $160.00 target price (up from $150.00) on shares of Celgene Corporation in a research report on Friday, July 28th. Argus raised shares of Celgene Corporation from a hold rating to a buy rating and raised their target price for the stock from $96.93 to $160.00 in a research report on Monday, July 31st. Credit Suisse Group set a $148.00 target price on shares of Celgene Corporation and gave the stock a buy rating in a research report on Thursday, July 6th. Finally, Cann reissued a buy rating on shares of Celgene Corporation in a report on Wednesday, June 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company’s stock. Celgene Corporation currently has a consensus rating of Buy and a consensus target price of $151.53.

Celgene Corporation (CELG) traded up 1.31% on Thursday, hitting $138.50. The stock had a trading volume of 710,371 shares. Celgene Corporation has a 52-week low of $96.93 and a 52-week high of $147.17. The firm has a market cap of $108.36 billion, a price-to-earnings ratio of 42.89 and a beta of 1.89. The company’s 50 day moving average price is $141.03 and its 200 day moving average price is $130.15.

Celgene Corporation (NASDAQ:CELG) last announced its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.82 EPS for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.21. Celgene Corporation had a net margin of 21.35% and a return on equity of 68.51%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same quarter last year, the firm earned $1.44 EPS. The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. Analysts expect that Celgene Corporation will post $7.33 EPS for the current year.

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

Institutional investors and hedge funds have recently made changes to their positions in the company. Thompson Davis & CO. Inc. lifted its holdings in Celgene Corporation by 5.9% in the second quarter. Thompson Davis & CO. Inc. now owns 773 shares of the biopharmaceutical company’s stock worth $100,000 after purchasing an additional 43 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Celgene Corporation in the 1st quarter valued at about $118,000. Motco lifted its holdings in Celgene Corporation by 19.3% in the 2nd quarter. Motco now owns 981 shares of the biopharmaceutical company’s stock valued at $127,000 after acquiring an additional 159 shares during the last quarter. Penserra Capital Management LLC acquired a new stake in Celgene Corporation in the 2nd quarter valued at about $129,000. Finally, Balentine LLC lifted its holdings in Celgene Corporation by 83.5% in the 2nd quarter. Balentine LLC now owns 1,057 shares of the biopharmaceutical company’s stock valued at $137,000 after acquiring an additional 481 shares during the last quarter. 79.24% 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.

Analyst Recommendations for Celgene Corporation (NASDAQ:CELG)

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