Stock Update (NASDAQ:CELG): Celgene Corporation Announces Additional $4 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 $4.0 billionof 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 $5.2 billion remaining from previous authorizations plus the new authorization. Since 2009, Celgene has returned approximately $12.3 billion to shareholders through the repurchase program. (Original Source)
Shares of Celgene Corporation closed yesterday at $111.11 . CELG has a 1-year high of $129.06 and a 1-year low of $79.42. The stock’s 50-day moving average is $112.93 and its 200-day moving average is $116.35.
On the ratings front, Celgene Corporation has been the subject of a number of recent research reports. In a report issued on June 1, Cowen analyst Eric Schmidt reiterated a Buy rating on CELG, with a price target of $146, which implies an upside of 31.4% from current levels. Separately, on the same day, J.P. Morgan’s Cory Kasimov reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Schmidt and Cory Kasimov have a total average return of 57.4% and 12.8% respectively. Schmidt has a success rate of 76.0% and is ranked #18 out of 3629 analysts, while Kasimov has a success rate of 58.3% and is ranked #292.
The street is mostly Bullish on CELG stock. Out of 8 analysts who cover the stock, 6 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $146.00, which implies an upside of 31.4% from current levels.
Celgene Corp is a biopharmaceutical company. It is engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.