Brightworth Takes $294,000 Position in Celgene Co. (CELG)

Brightworth bought a new position in shares of Celgene Co. (NASDAQ:CELG) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,700 shares of the biopharmaceutical company’s stock, valued at approximately $294,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CELG. Acropolis Investment Management LLC acquired a new position in shares of Celgene during the 2nd quarter valued at about $112,000. Archford Capital Strategies LLC acquired a new position in shares of Celgene during the 1st quarter valued at about $124,000. Wagner Wealth Management LLC acquired a new position in shares of Celgene during the 4th quarter valued at about $129,000. WP Advisors LLC acquired a new position in shares of Celgene during the 2nd quarter valued at about $161,000. Finally, Alpha Windward LLC acquired a new position in shares of Celgene during the 2nd quarter valued at about $163,000. 76.82% of the stock is currently owned by institutional investors.

Shares of CELG opened at $91.97 on Tuesday. The stock has a market capitalization of $64.15 billion, a P/E ratio of 12.81, a P/E/G ratio of 0.57 and a beta of 1.32. Celgene Co. has a 12-month low of $74.13 and a 12-month high of $147.17. The company has a debt-to-equity ratio of 5.76, a quick ratio of 1.40 and a current ratio of 1.52.

Celgene (NASDAQ:CELG) last issued its quarterly earnings data on Thursday, July 26th. The biopharmaceutical company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.05. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.70 billion. Celgene had a net margin of 19.81% and a return on equity of 87.28%. Celgene’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. analysts expect that Celgene Co. will post 7.64 earnings per share for the current year.

Celgene announced 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 outstanding shares. This buyback authorization allows the biopharmaceutical company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Several research analysts have recently weighed in on CELG shares. Canaccord Genuity reissued a “buy” rating on shares of Celgene in a research report on Wednesday, May 30th. Cantor Fitzgerald set a $112.00 price target on shares of Celgene and gave the company a “hold” rating in a research report on Friday, June 1st. Credit Suisse Group set a $129.00 price target on shares of Celgene and gave the company a “buy” rating in a research report on Saturday, May 5th. ValuEngine cut shares of Celgene from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, Morgan Stanley lowered their price target on shares of Celgene from $93.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Monday, May 7th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $121.85.

In other Celgene news, Director John H. Weiland purchased 5,575 shares of the business’s stock in a transaction on Tuesday, August 7th. The shares were bought at an average cost of $89.73 per share, for a total transaction of $500,244.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ernest Mario sold 12,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 44,413 shares in the company, valued at $4,100,208.16. The disclosure for this sale can be found here. Insiders have sold 70,500 shares of company stock worth $5,716,205 over the last quarter. Insiders own 0.39% of the company’s stock.

About Celgene

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: What is a Leveraged Buyout (LBO)?

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).

Institutional Ownership by Quarter for Celgene (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.

Leave a Reply