Stock Update (NASDAQ:CELG): Celgene Corporation Announces Additional $3 Billion Share Repurchase Authorization

Celgene Corporation (NASDAQ:CELG) announced that during its June meeting the Company’s Board of Directors authorized the repurchase of up to an additional $3.0 billion of the Company’s common stock.

This open-ended program is effective immediately. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Celgene’s management and in accordance with the requirements of the Securities and Exchange Commission. Celgene now has a total of approximately $5.3 billion available from previous authorizations plus the new authorization. Since 2009, Celgene has returned approximately $15.2 billion to shareholders through the repurchase program. (Original Source)

Shares of Celgene closed yesterday at $101.03, down $0.58 or -0.57%. CELG has a 1-year high of $140.72 and a 1-year low of $92.98. The stock’s 50-day moving average is $103.72 and its 200-day moving average is $105.37.

On the ratings front, Celgene has been the subject of a number of recent research reports. In a report issued on June 8, Merrill Lynch analyst Ying Huang reiterated a Buy rating on CELG, with a price target of $125, which represents a potential upside of 23.7% from where the stock is currently trading. Separately, on June 7, BMO’s Ian Somaiya reiterated a Buy rating on the stock and has a price target of $132.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ying Huang and Ian Somaiya have a total average return of 14.1% and 14.3% respectively. Huang has a success rate of 64% and is ranked #231 out of 3878 analysts, while Somaiya has a success rate of 52% and is ranked #199.

Overall, 3 research analysts have assigned a Hold rating and 12 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $134.50 which is 33.1% above where the stock closed yesterday.

Celgene Corp. is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. Its targeting areas include intracellular signaling pathways, protein homeostasis and epigenetics in cancer and immune cells, immunomodulation in cancer and autoimmune diseases and therapeutic application of cell therapies. The company’s products include Revlimid, Vidaza, Thalomid, Pomalyst/Imnovid, Abraxane, and Istodax. 


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