ARK Investment Management LLC Has $7.28 Million Holdings in Celgene Co. (CELG)
ARK Investment Management LLC boosted its holdings in shares of Celgene Co. (NASDAQ:CELG) by 94.9% during the 2nd quarter, Holdings Channel reports. The firm owned 91,659 shares of the biopharmaceutical company’s stock after purchasing an additional 44,637 shares during the quarter. ARK Investment Management LLC’s holdings in Celgene were worth $7,280,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Indiana Trust & Investment Management CO acquired a new position in shares of Celgene in the 2nd quarter worth approximately $1,307,000. Prospera Financial Services Inc acquired a new position in shares of Celgene in the 2nd quarter worth approximately $352,000. Edgewood Management LLC grew its position in shares of Celgene by 3.9% in the 1st quarter. Edgewood Management LLC now owns 11,980,937 shares of the biopharmaceutical company’s stock worth $1,068,819,000 after acquiring an additional 447,445 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Celgene by 15.1% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 119,395 shares of the biopharmaceutical company’s stock worth $9,482,000 after acquiring an additional 15,647 shares in the last quarter. Finally, Lederer & Associates Investment Counsel CA acquired a new position in shares of Celgene in the 2nd quarter worth approximately $1,423,000. Institutional investors own 76.82% of the company’s stock.
Shares of CELG stock opened at $90.37 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.52 and a debt-to-equity ratio of 5.76. Celgene Co. has a 1 year low of $74.13 and a 1 year high of $147.17. The firm has a market cap of $64.15 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 0.57 and a beta of 1.32.
Celgene declared that its Board of Directors has initiated a share buyback program on Thursday, May 24th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the biopharmaceutical company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
In other Celgene news, Director Ernest Mario sold 12,000 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $92.32, for a total transaction of $1,107,840.00. Following the completion of the transaction, the director now owns 44,413 shares in the company, valued at approximately $4,100,208.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James J. Loughlin sold 17,750 shares of the business’s stock in a transaction on Monday, June 4th. The stock was sold at an average price of $78.96, for a total value of $1,401,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 42,750 shares of company stock valued at $3,533,390 in the last quarter. 0.39% of the stock is currently owned by insiders.
Several brokerages have recently commented on CELG. BidaskClub upgraded Celgene from a “hold” rating to a “buy” rating in a research report on Thursday. Cowen reiterated a “buy” rating and issued a $150.00 target price on shares of Celgene in a research report on Tuesday, July 10th. Mizuho restated a “buy” rating and set a $118.00 price objective on shares of Celgene in a research report on Tuesday, July 10th. SunTrust Banks restated a “hold” rating and set a $101.00 price objective on shares of Celgene in a research report on Friday, July 27th. Finally, Zacks Investment Research upgraded Celgene from a “sell” rating to a “strong-buy” rating and set a $102.00 price objective for the company in a research report on Wednesday, August 1st. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-one have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $121.85.
Celgene Company Profile
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.
Read More: How to Invest in Marijuana Stocks
Want to see what other hedge funds are holding CELG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Celgene Co. (NASDAQ:CELG).
Receive News & Ratings for Celgene Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celgene and related companies with MarketBeat.com's FREE daily email newsletter.