Seattle Genetics Inc. (SGEN) Hits New 12-Month High After Analyst Upgrade
Shares of Seattle Genetics Inc. (NASDAQ:SGEN) hit a new 52-week high during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from $55.00 to $62.00. Royal Bank Of Canada currently has an outperform rating on the stock. Seattle Genetics traded as high as $57.36 and last traded at $57.22, with a volume of 352,218 shares changing hands. The stock had previously closed at $55.18.
A number of other brokerages have also recently commented on SGEN. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Seattle Genetics in a report on Tuesday, July 12th. 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 report on Monday, July 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 target price (up from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. HC Wainwright reaffirmed a “buy” rating and issued a $65.00 target price on shares of Seattle Genetics in a report on Monday, June 13th. Finally, Leerink Swann reaffirmed a “buy” rating and issued a $62.00 target price on shares of Seattle Genetics in a report on Friday, September 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.79.
In other news, EVP Vaughn B. Himes sold 3,991 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total value of $185,940.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Clay B. Siegall sold 4,042 shares of the stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $45.20, for a total transaction of $182,698.40. The disclosure for this sale can be found here. 33.30% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock valued at $81,406,000 after buying an additional 358,297 shares in the last quarter. BlackRock Group LTD raised its stake in shares of Seattle Genetics by 18.4% in the first quarter. BlackRock Group LTD now owns 102,261 shares of the company’s stock worth $3,589,000 after buying an additional 15,873 shares during the period. BlackRock Inc. raised its stake in shares of Seattle Genetics by 283.9% in the first quarter. BlackRock Inc. now owns 11,654 shares of the company’s stock worth $408,000 after buying an additional 8,618 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of Seattle Genetics by 17.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 179,627 shares of the company’s stock worth $7,258,000 after buying an additional 26,935 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Seattle Genetics during the second quarter worth about $16,220,000. Institutional investors and hedge funds own 97.93% of the company’s stock.
The stock’s market cap is $8.04 billion. The stock has a 50 day moving average price of $51.03 and a 200 day moving average price of $42.76.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Tuesday, July 26th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.09. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The business had revenue of $95.40 million for the quarter, compared to the consensus estimate of $94.56 million. During the same period in the previous year, the firm earned ($0.38) EPS. The business’s revenue for the quarter was up 23.7% on a year-over-year basis. Equities research analysts forecast that Seattle Genetics Inc. will post ($1.00) EPS for the current year.
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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