Cadence Capital Management LLC Acquires 6,428 Shares of Celgene Co. (CELG)

Cadence Capital Management LLC boosted its holdings in shares of Celgene Co. (NASDAQ:CELG) by 49.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 19,299 shares of the biopharmaceutical company’s stock after buying an additional 6,428 shares during the quarter. Cadence Capital Management LLC’s holdings in Celgene were worth $1,727,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fisher Asset Management LLC grew its holdings in shares of Celgene by 4.1% during the second quarter. Fisher Asset Management LLC now owns 322,086 shares of the biopharmaceutical company’s stock valued at $25,580,000 after buying an additional 12,743 shares in the last quarter. Xact Kapitalforvaltning AB grew its holdings in shares of Celgene by 13.4% during the second quarter. Xact Kapitalforvaltning AB now owns 209,138 shares of the biopharmaceutical company’s stock valued at $16,610,000 after buying an additional 24,765 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of Celgene during the second quarter valued at $282,000. Daiwa SB Investments Ltd. purchased a new position in shares of Celgene during the second quarter valued at $631,000. Finally, Acropolis Investment Management LLC purchased a new position in shares of Celgene during the second quarter valued at $112,000. Institutional investors own 73.58% of the company’s stock.

A number of brokerages have recently weighed in on CELG. Zacks Investment Research upgraded Celgene from a “sell” rating to a “strong-buy” rating and set a $102.00 price target on the stock in a report on Wednesday, August 1st. Mizuho reiterated a “buy” rating and set a $129.00 price target on shares of Celgene in a report on Tuesday, July 31st. Cantor Fitzgerald initiated coverage on Celgene in a report on Monday, October 1st. They set an “overweight” rating and a $100.00 price target on the stock. BidaskClub upgraded Celgene from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Finally, Morgan Stanley boosted their target price on Celgene from $91.00 to $93.00 and gave the company an “equal weight” rating in a research note on Friday, July 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $117.91.

CELG opened at $74.02 on Friday. The stock has a market cap of $52.77 billion, a PE ratio of 10.82, a P/E/G ratio of 0.47 and a beta of 1.53. Celgene Co. has a 52-week low of $70.09 and a 52-week high of $110.81. The company has a quick ratio of 1.99, a current ratio of 2.13 and a debt-to-equity ratio of 4.06.

Celgene (NASDAQ:CELG) last released its quarterly earnings results on Thursday, October 25th. The biopharmaceutical company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.27. The company had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.83 billion. Celgene had a return on equity of 108.76% and a net margin of 19.64%. On average, equities research analysts forecast that Celgene Co. will post 7.45 earnings per share for the current year.

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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.

Further Reading: How to Calculate Compound Annual Growth Rate (CAGR)

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Institutional Ownership by Quarter for Celgene (NASDAQ:CELG)

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