Royal Bank Of Canada Increases Seattle Genetics Inc. (SGEN) Price Target to $62.00
Seattle Genetics Inc. (NASDAQ:SGEN) had its target price increased by stock analysts at Royal Bank Of Canada from $55.00 to $62.00 in a report released on Monday. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 12.36% from the stock’s current price.
A number of other research firms also recently weighed in on SGEN. Zacks Investment Research raised shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Monday, July 4th. SunTrust Banks Inc. raised their target price on shares of Seattle Genetics from $34.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Cantor Fitzgerald downgraded shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 target price for the company. in a research report on Wednesday, July 27th. Goldman Sachs Group Inc. downgraded shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a research report on Friday, September 16th. Finally, Leerink Swann reaffirmed a “buy” rating and issued a $62.00 target price on shares of Seattle Genetics in a research report on Friday, September 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Seattle Genetics has an average rating of “Hold” and an average target price of $50.79.
Seattle Genetics (NASDAQ:SGEN) opened at 55.18 on Monday. The stock’s 50 day moving average price is $51.03 and its 200 day moving average price is $42.76. Seattle Genetics has a 12 month low of $26.02 and a 12 month high of $57.23. The firm’s market capitalization is $7.75 billion.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Tuesday, July 26th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.09. The business had revenue of $95.40 million for the quarter, compared to analyst estimates of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period last year, the business posted ($0.38) earnings per share. On average, analysts forecast that Seattle Genetics will post ($1.00) earnings per share for the current year.
In other Seattle Genetics news, COO Eric Dobmeier sold 5,411 shares of Seattle Genetics stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $46.59, for a total value of $252,098.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Jonathan G. Drachman sold 2,249 shares of Seattle Genetics stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $56.75, for a total transaction of $127,630.75. Following the completion of the sale, the chief marketing officer now owns 115,504 shares of the company’s stock, valued at approximately $6,554,852. The disclosure for this sale can be found here. 33.30% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock valued at $145,000 after buying an additional 981 shares during the period. HighTower Advisors LLC acquired a new stake in shares of Seattle Genetics during the second quarter valued at $206,000. Carl Domino Inc acquired a new stake in shares of Seattle Genetics during the second quarter valued at $218,000. Levin Capital Strategies L.P. acquired a new stake in shares of Seattle Genetics during the second quarter valued at $218,000. Finally, Capstone Asset Management Co. acquired a new stake in shares of Seattle Genetics during the second quarter valued at $222,000. Institutional investors and hedge funds own 97.93% of the company’s stock.
About Seattle Genetics
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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