Harvey Capital Management Inc Lowers stake in Celgene Corporation (CELG)

Celgene Corporation (CELG) : Harvey Capital Management Inc reduced its stake in Celgene Corporation by 3.04% during the most recent quarter end. The investment management company now holds a total of 76,550 shares of Celgene Corporation which is valued at $8,460,306 after selling 2,400 shares in Celgene Corporation , the firm said in a disclosure report filed with the SEC on Apr 19, 2016.Celgene Corporation makes up approximately 3.91% of Harvey Capital Management Inc’s portfolio.

Celgene Corporation opened for trading at $110.34 and hit $111.5 on the upside on Friday, eventually ending the session at $110.52, with a gain of 0.55% or 0.6 points. The heightened volatility saw the trading volume jump to 48,55,538 shares. Company has a market cap of $86,390 M.

Other Hedge Funds, Including , Benin Management Corp boosted its stake in CELG in the latest quarter, The investment management firm added 790 additional shares and now holds a total of 4,435 shares of Celgene Corporation which is valued at $490,156. Celgene Corporation makes up approx 0.26% of Benin Management Corp’s portfolio.Van Cleef Asset Managementinc reduced its stake in CELG by selling 250 shares or 1.92% in the most recent quarter. The Hedge Fund company now holds 12,750 shares of CELG which is valued at $1,409,130. Celgene Corporation makes up approx 0.49% of Van Cleef Asset Managementinc’s portfolio.Triangle Securities Wealth Management reduced its stake in CELG by selling 60 shares or 2.01% in the most recent quarter. The Hedge Fund company now holds 2,931 shares of CELG which is valued at $304,267. Celgene Corporation makes up approx 0.20% of Triangle Securities Wealth Management’s portfolio.Chelsea Counsel Co reduced its stake in CELG by selling 2,400 shares or 54.55% in the most recent quarter. The Hedge Fund company now holds 2,000 shares of CELG which is valued at $207,620. Celgene Corporation makes up approx 0.06% of Chelsea Counsel Co’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 (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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