Market Insider

Celgene stock edges higher amid $3 billion buyback announcement

Celena Chong
Kirill Kukhmar | Getty Images

Celgene shares were slightly higher Wednesday after the company authorized a repurchase of up to an additional $3 billion of its common stock.

Shares of Celgene later reversed and ended the day 1 percent lower.

"Celgene now has a total of approximately $5.3 billion available from previous authorizations plus the new authorization," the biopharmaceutical giant said in a release, adding it has funneled approximately $15.2 billion to its shareholders through this open-ended program since 2009.

The New Jersey-based company's stock has tumbled 16 percent this year. It fell below $100 Wednesday, closing at $99.98.

CELG year to date