Renaissance Investment Group Lowers stake in Celgene Corporation (CELG)

Celgene Corporation (CELG) : Renaissance Investment Group reduced its stake in Celgene Corporation by 0.21% during the most recent quarter end. The investment management company now holds a total of 38,581 shares of Celgene Corporation which is valued at $3.9 Million after selling 80 shares in Celgene Corporation according to a report filed by the company on Apr 1, 2016 with the SEC.Celgene Corporation makes up approximately 1.95% of Renaissance Investment Group’s portfolio.

On the company’s financial health, Celgene Corporation reported $1.18 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Jan 28, 2016. Analyst had a consensus of $1.21. The company had revenue of $2563.30 million for the quarter, compared to analysts expectations of $2548.22 million. The company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 EPS.

Many Wall Street Analysts have commented on Celgene Corporation. Citigroup Initiated Celgene Corporation on Feb 25, 2016 to “Buy”, Price Target of the shares are set at $130.Shares were Reiterated by RBC Capital Mkts on Jan 29, 2016 to “Outperform” and Lowered the Price Target to $ 135 from a previous price target of $150 .Celgene Corporation was Initiated by Credit Suisse to “Outperform” on Jan 20, 2016.

Celgene Corporation closed down -2.45 points or -2.31% at $103.81 with 48,47,789 shares getting traded on Monday. Post opening the session at $106.52, the shares hit an intraday low of $103.29 and an intraday high of $107.06 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

Celgene Corporation (Celgene) together with its subsidiaries is an integrated 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. The Company’s primary commercial stage products include REVLIMID (lenalidomide) ABRAXANE POMALYST/IMNOVID VIDAZA azacitidine for injection (generic version of VIDAZA) THALOMID (sold as THALOMID or Thalidomide Celgene outside the United States) OTEZLA (apremilast) and ISTODAX (romidepsin). Celgene is involved in research in a range of scientific areas designed to deliver therapies targeting areas including intracellular signaling pathways protein homeostasis and epigenetics in cancer and immune cells immunomodulation in cancer and autoimmune diseases and therapeutic application of cell therapies.

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