Zacks Investment Research Lowers Celgene (CELG) to Sell
Celgene (NASDAQ:CELG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Celgene suffered a setback as the label expansion study on lead drug Revlimid failed in phase III. Revlimid plus Rituxan failed to show superiority in the co-primary endpoints of complete response or unconfirmed complete response CR/CRu) at 120 weeks and in terms of progression-free survival observed during the pre-planned analysis.The drug’s label expansion would have boosted its sales potential. Additionally, the deep yet persistently slow growth of the psoriatic arthritis and psoriasis markets, especially during the entire third quarter, has led to a weak performance of Otezla. Consequently, the company also reduced its annual guidance. The challenging market conditions were driven by an increasingly restrictive PBM formulary control. Nevertheless, the approval of Idhifa for relapsed and/or refractory acute myeloid leukemia has boosted the company’s portfolio. Shares have underperformed the industry in the last six months.”
Several other equities research analysts have also issued reports on CELG. Leerink Swann reaffirmed a “buy” rating and set a $120.00 price target on shares of Celgene in a report on Friday. Credit Suisse Group set a $123.00 target price on shares of Celgene and gave the stock a “buy” rating in a research report on Friday. Oppenheimer set a $166.00 target price on shares of Celgene and gave the stock a “buy” rating in a research report on Friday. BMO Capital Markets reiterated a “buy” rating and set a $147.00 target price on shares of Celgene in a research report on Friday. Finally, Cantor Fitzgerald reiterated a “buy” rating and set a $162.00 target price on shares of Celgene in a research report on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Celgene presently has a consensus rating of “Buy” and a consensus target price of $135.17.
Shares of Celgene (CELG) opened at $106.33 on Tuesday. The stock has a market cap of $83,720.00, a P/E ratio of 25.08, a P/E/G ratio of 0.82 and a beta of 1.77. The company has a current ratio of 3.65, a quick ratio of 3.52 and a debt-to-equity ratio of 1.31. Celgene has a 1-year low of $94.55 and a 1-year high of $147.17.
Celgene (NASDAQ:CELG) last announced its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.04. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.42 billion. Celgene had a net margin of 27.36% and a return on equity of 63.80%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.58 EPS. research analysts anticipate that Celgene will post 6.68 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of CELG. Janus Henderson Group PLC increased its stake in shares of Celgene by 4,290.5% in the 2nd quarter. Janus Henderson Group PLC now owns 8,408,961 shares of the biopharmaceutical company’s stock valued at $1,092,071,000 after acquiring an additional 8,217,433 shares in the last quarter. BlackRock Inc. increased its stake in shares of Celgene by 5.7% in the 2nd quarter. BlackRock Inc. now owns 56,725,342 shares of the biopharmaceutical company’s stock valued at $7,366,919,000 after acquiring an additional 3,084,227 shares in the last quarter. Oaktop Capital Management II L.P. bought a new stake in shares of Celgene in the 2nd quarter valued at $271,605,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Celgene by 1,489.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,907,052 shares of the biopharmaceutical company’s stock valued at $247,669,000 after acquiring an additional 1,787,052 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Celgene by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 53,527,210 shares of the biopharmaceutical company’s stock valued at $6,951,579,000 after acquiring an additional 1,610,056 shares in the last quarter. Hedge funds and other institutional investors own 79.74% of the company’s stock.
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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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