Short Interest in Celgene Co. (CELG) Decreases By 22.9%

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Celgene Co. (NASDAQ:CELG) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 12,189,611 shares, a drop of 22.9% from the August 15th total of 15,805,908 shares. Currently, 1.7% of the shares of the stock are short sold. Based on an average daily volume of 4,273,167 shares, the days-to-cover ratio is currently 2.9 days.

CELG has been the topic of a number of research reports. Canaccord Genuity reaffirmed a “buy” rating on shares of Celgene in a research note on Wednesday, May 30th. Cantor Fitzgerald set a $112.00 price objective on Celgene and gave the stock a “hold” rating in a research note on Friday, June 1st. Mizuho reaffirmed a “buy” rating and issued a $118.00 price objective on shares of Celgene in a research note on Tuesday, July 10th. Zacks Investment Research downgraded Celgene from a “hold” rating to a “sell” rating in a research note on Wednesday, July 18th. Finally, Argus downgraded Celgene from a “buy” rating to a “hold” rating in a research note on Wednesday, May 23rd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $121.85.

Shares of Celgene stock opened at $87.17 on Friday. The company has a market capitalization of $61.05 billion, a PE ratio of 12.74, a P/E/G ratio of 0.52 and a beta of 1.32. The company has a debt-to-equity ratio of 5.76, a current ratio of 1.52 and a quick ratio of 1.40. Celgene has a one year low of $74.13 and a one year high of $147.17.

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

Celgene declared that its board has initiated a share buyback plan 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 plans are generally an indication that the company’s leadership believes its shares are undervalued.

In other news, Director John H. Weiland acquired 5,575 shares of Celgene stock in a transaction on Tuesday, August 7th. The shares were acquired at an average price of $89.73 per share, with a total value of $500,244.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ernest Mario sold 12,000 shares of Celgene stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $92.32, for a total value of $1,107,840.00. Following the completion of the sale, the director now directly owns 44,413 shares in the company, valued at approximately $4,100,208.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Johnson Financial Group Inc. boosted its holdings in Celgene by 4.5% during the 2nd quarter. Johnson Financial Group Inc. now owns 13,100 shares of the biopharmaceutical company’s stock valued at $1,040,000 after acquiring an additional 567 shares during the period. Wetherby Asset Management Inc. boosted its holdings in Celgene by 5.4% during the 2nd quarter. Wetherby Asset Management Inc. now owns 11,857 shares of the biopharmaceutical company’s stock valued at $942,000 after acquiring an additional 603 shares during the period. Brick & Kyle Associates boosted its holdings in Celgene by 5.9% during the 1st quarter. Brick & Kyle Associates now owns 11,290 shares of the biopharmaceutical company’s stock valued at $1,007,000 after acquiring an additional 625 shares during the period. Wealth Advisors of Tampa Bay LLC boosted its holdings in Celgene by 4.4% during the 1st quarter. Wealth Advisors of Tampa Bay LLC now owns 15,141 shares of the biopharmaceutical company’s stock valued at $1,352,000 after acquiring an additional 635 shares during the period. Finally, Avestar Capital LLC boosted its holdings in Celgene by 34.6% during the 1st quarter. Avestar Capital LLC now owns 2,511 shares of the biopharmaceutical company’s stock valued at $203,000 after acquiring an additional 645 shares during the period. Institutional investors own 73.11% 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: Compound Annual Growth Rate (CAGR)

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