Granite Springs Asset Management LLC bought a new position in shares of Celgene Co. (NASDAQ:CELG) during the fourth quarter, HoldingsChannel.com reports. The firm bought 25,943 shares of the biopharmaceutical company’s stock, valued at approximately $2,708,000. Celgene comprises about 2.3% of Granite Springs Asset Management LLC’s portfolio, making the stock its 3rd biggest position.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Orbis Investment Management U.S. LLC purchased a new position in Celgene during the fourth quarter worth approximately $2,534,000. JOYN Advisors Inc. purchased a new position in Celgene during the fourth quarter worth approximately $711,000. Orbis Allan Gray Ltd raised its stake in Celgene by 723.4% during the fourth quarter. Orbis Allan Gray Ltd now owns 245,906 shares of the biopharmaceutical company’s stock worth $25,663,000 after purchasing an additional 216,043 shares during the period. Cypress Capital Group raised its stake in Celgene by 6.2% during the fourth quarter. Cypress Capital Group now owns 41,964 shares of the biopharmaceutical company’s stock worth $4,379,000 after purchasing an additional 2,462 shares during the period. Finally, Folger Hill Asset Management LP purchased a new position in Celgene during the fourth quarter worth approximately $5,218,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.
A number of equities analysts have weighed in on CELG shares. Leerink Swann reaffirmed a “buy” rating and set a $120.00 price target on shares of Celgene in a research note on Wednesday, December 13th. Oppenheimer set a $166.00 price target on shares of Celgene and gave the stock a “buy” rating in a research note on Thursday, December 14th. Vetr downgraded shares of Celgene from a “strong-buy” rating to a “buy” rating and set a $121.72 price target on the stock. in a research note on Monday, December 18th. Cantor Fitzgerald set a $112.00 price target on shares of Celgene and gave the stock a “hold” rating in a research note on Thursday, December 21st. Finally, Stifel Nicolaus cut their price target on shares of Celgene from $149.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, December 22nd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $127.68.
CELG opened at $88.71 on Thursday. The firm has a market cap of $65,394.15, a P/E ratio of 12.97, a PEG ratio of 0.58 and a beta of 1.49. Celgene Co. has a twelve month low of $84.25 and a twelve month high of $147.17. The company has a quick ratio of 4.80, a current ratio of 4.99 and a debt-to-equity ratio of 2.29.
Celgene (NASDAQ:CELG) last released its quarterly earnings results on Thursday, January 25th. The biopharmaceutical company reported $1.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.09. The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.46 billion. Celgene had a net margin of 22.38% and a return on equity of 67.50%. The business’s revenue was up 16.9% on a year-over-year basis. During the same period last year, the business earned $1.61 EPS. equities analysts forecast that Celgene Co. will post 7.66 earnings per share for the current year.
Celgene announced that its board has authorized a share buyback plan on Wednesday, February 14th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the biopharmaceutical company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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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