Seattle Genetics Inc. (SGEN) Rating Reiterated by RBC Capital Markets
Seattle Genetics Inc. (NASDAQ:SGEN)‘s stock had its “outperform” rating reiterated by investment analysts at RBC Capital Markets in a research note issued on Monday. They presently have a $62.00 price target on the stock, up from their prior price target of $55.00. RBC Capital Markets’ price objective would indicate a potential upside of 8.30% from the company’s current price.
A number of other brokerages have also recently commented on SGEN. Royal Bank Of Canada lifted their target price on shares of Seattle Genetics from $55.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday. Leerink Swann reiterated an “outperform” rating and issued a $62.00 target price on shares of Seattle Genetics in a research report on Monday. Goldman Sachs Group Inc. upgraded shares of Seattle Genetics from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $30.00 to $47.00 in a research report on Thursday, September 15th. Morgan Stanley initiated coverage on shares of Seattle Genetics in a report on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Cantor Fitzgerald lowered shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) traded up 3.75% during trading on Monday, hitting $57.25. 678,691 shares of the stock traded hands. The company has a 50 day moving average price of $51.03 and a 200 day moving average price of $42.76. The firm’s market cap is $8.04 billion. Seattle Genetics has a 12 month low of $26.02 and a 12 month high of $57.50.
Seattle Genetics (NASDAQ:SGEN) last issued 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. The company had revenue of $95.40 million for the quarter, compared to analysts’ expectations 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 revenue was up 23.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.38) EPS. Analysts anticipate that Seattle Genetics will post ($1.00) earnings per share for the current fiscal year.
In other Seattle Genetics news, CMO Jonathan G. Drachman sold 2,249 shares of Seattle Genetics stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total value of $127,630.75. Following the completion of the transaction, the chief marketing officer now directly owns 115,504 shares of the company’s stock, valued at $6,554,852. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clay B. Siegall sold 4,042 shares of Seattle Genetics stock in a transaction dated Wednesday, July 27th. The stock was 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. Corporate insiders own 33.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position 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 purchased a new position in shares of Seattle Genetics during the second quarter valued at about $206,000. Carl Domino Inc purchased a new position in shares of Seattle Genetics during the second quarter valued at about $218,000. Levin Capital Strategies L.P. purchased a new position in shares of Seattle Genetics during the second quarter valued at about $218,000. Finally, Capstone Asset Management Co. purchased a new position in shares of Seattle Genetics during the second quarter valued at about $222,000. 97.93% of the stock is owned by institutional investors and hedge funds.
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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