Oppenheimer Sticks to Its Buy Rating for Celgene

By Jason Carr

Oppenheimer analyst Leah R. Cann maintained a Buy rating on Celgene (NASDAQ: CELG) today and set a price target of $163. The company’s shares closed yesterday at $94.39, close to its 52-week low of $88.32.

R. Cann observed:

“Celgene announced today that John Weiland has been elected to its board of directors. Mr. Weiland was most recently President and Chief Operating Officer of C.R. Bard, Inc. Prior to this role, Mr. Weiland held the position of Group President of Bard and had global responsibility for Bard Medical Division, Bard Urological Division, Davol Inc., Bard Endoscopic Technologies Division and Bard’s Worldwide Manufacturing Operations. We believe Mr. Weiland will bring significant commercial and operational experience to the Celgene Board.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 13.6% and a 50.4% success rate. Cann covers the Healthcare sector, focusing on stocks such as miRagen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.

Currently, the analyst consensus on Celgene is Moderate Buy and the average price target is $126.20, representing a 33.7% upside.

In a report issued on February 5, Mizuho Securities also reiterated a Buy rating on the stock with a $128 price target.

The company has a one-year high of $147.17 and a one-year low of $88.32. Currently, Celgene has an average volume of 6.97M.

Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CELG in relation to earlier this year. Most recently, in December 2017, Gilla Kaplan, a Director at CELG bought 9,250 shares for a total of $230,880.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Celgene Corp. is an integrated global biopharmaceutical company, which engages in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases. 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. Celgene was founded by David Stirling and Sol Barer in 1986 and is headquartered in Summit, NJ.