Do Hedge Funds Love Celgene Corporation (CELG)?

Over the past year, Celgene’s stock has lost almost 12%, amid an overall decline registered by most stocks in the biotech industry. For the last quarter, the company posted adjusted earnings of $1.18 per share, excluding the cost of acquisition of Receptos Inc. for $7.2 billion last year, which compares with $1.22 in EPS expected by analysts. At the same time, the  revenue went up by 23% on the year to $2.56 billion, fueled by higher sales of its flagship drug, Revlimid, which increased by 18% worldwide. Analysts, on the other hand, expected sales of $2.54 billion.

For the current quarter, Celgene anticipates earnings per share in the range of $1.27 to $1.30, which is close to the analysts’ estimates of $1.30. Moreover, for the full year, the company projects sales in the range of $10.5 billion to $11 billion.

With all of this in mind, we’re going to take a gander at the new action regarding Celgene Corporation (NASDAQ:CELG).

What does the smart money think about Celgene Corporation (NASDAQ:CELG)?

At the end of the fourth quarter, a total of 64 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of 3% from one quarter earlier. With hedge funds’ capital changing hands, there exists a select group of notable hedge fund managers who were upping their holdings substantially (or already accumulated large positions).