Chevy Chase Trust Holdings Inc. Takes $51.91 Million Position in Celgene Co. (CELG)
Chevy Chase Trust Holdings Inc. bought a new stake in Celgene Co. (NASDAQ:CELG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 653,662 shares of the biopharmaceutical company’s stock, valued at approximately $51,914,000. Chevy Chase Trust Holdings Inc. owned approximately 0.09% of Celgene at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fiera Capital Corp boosted its stake in shares of Celgene by 16.2% during the 2nd quarter. Fiera Capital Corp now owns 18,155 shares of the biopharmaceutical company’s stock worth $1,442,000 after acquiring an additional 2,536 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Celgene by 13.6% during the 2nd quarter. First Trust Advisors LP now owns 681,461 shares of the biopharmaceutical company’s stock worth $54,122,000 after acquiring an additional 81,425 shares in the last quarter. Beech Hill Advisors Inc. boosted its stake in shares of Celgene by 36.6% during the 2nd quarter. Beech Hill Advisors Inc. now owns 42,050 shares of the biopharmaceutical company’s stock worth $3,340,000 after acquiring an additional 11,256 shares in the last quarter. Trillium Asset Management LLC boosted its stake in shares of Celgene by 4.8% during the 2nd quarter. Trillium Asset Management LLC now owns 209,303 shares of the biopharmaceutical company’s stock worth $16,623,000 after acquiring an additional 9,549 shares in the last quarter. Finally, Copperwynd Financial LLC boosted its stake in shares of Celgene by 33.8% during the 2nd quarter. Copperwynd Financial LLC now owns 4,233 shares of the biopharmaceutical company’s stock worth $336,000 after acquiring an additional 1,070 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.
NASDAQ CELG opened at $91.92 on Friday. Celgene Co. has a twelve month low of $74.13 and a twelve month high of $147.17. The company has a quick ratio of 1.40, a current ratio of 1.52 and a debt-to-equity ratio of 5.76. The stock has a market cap of $63.52 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 0.56 and a beta of 1.32.
Celgene declared that its board has approved a stock repurchase plan on Thursday, May 24th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the biopharmaceutical company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Several analysts have recently issued reports on CELG shares. ValuEngine downgraded Celgene from a “hold” rating to a “sell” rating in a research note on Thursday, April 12th. Morgan Stanley reiterated an “equal weight” rating and set a $93.00 price target on shares of Celgene in a research note on Friday, April 13th. Credit Suisse Group set a $129.00 price target on Celgene and gave the stock a “buy” rating in a research note on Tuesday, April 17th. Zacks Investment Research upgraded Celgene from a “sell” rating to a “hold” rating in a research note on Thursday, April 19th. Finally, Evercore ISI reiterated a “buy” rating on shares of Celgene in a research note on Monday, April 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $121.85.
In other Celgene news, Director Gilla Kaplan sold 27,750 shares of the company’s stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $78.66, for a total value of $2,182,815.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John H. Weiland purchased 5,575 shares of the business’s stock in a transaction on Tuesday, August 7th. The stock was purchased at an average cost of $89.73 per share, with a total value of $500,244.75. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 58,500 shares of company stock valued at $4,608,365. Insiders own 0.39% of the company’s stock.
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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