Seattle Genetics Inc. (SGEN) Receives “Outperform” Rating from Leerink Swann
A number of other research analysts have also weighed in on SGEN. HC Wainwright reaffirmed a buy rating and set a $65.00 price objective on shares of Seattle Genetics in a research report on Monday, June 13th. Credit Suisse Group AG reaffirmed a buy rating on shares of Seattle Genetics in a research report on Monday, June 20th. Needham & Company LLC reaffirmed a buy rating and set a $72.00 price objective (up previously from $60.00) on shares of Seattle Genetics in a research report on Wednesday, June 29th. Zacks Investment Research raised Seattle Genetics from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Monday, July 4th. Finally, Cantor Fitzgerald lowered Seattle Genetics from a buy rating to a hold rating and set a $43.00 price objective for the company. in a research report on Wednesday, July 27th. One research 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 currently has an average rating of Hold and an average price target of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) traded down 0.96% on Monday, hitting $56.70. The stock had a trading volume of 175,997 shares. The stock has a 50 day moving average of $51.37 and a 200-day moving average of $43.02. The stock’s market cap is $7.97 billion. Seattle Genetics has a 12 month low of $26.02 and a 12 month high of $57.83.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm earned $95.40 million during the quarter, compared to analyst estimates of $94.56 million. During the same quarter in the prior year, the company earned ($0.38) EPS. The business’s revenue was up 23.7% compared to the same quarter last year. Equities research analysts anticipate that Seattle Genetics will post ($1.00) EPS for the current year.
In other Seattle Genetics news, insider Clay B. Siegall sold 4,042 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total transaction of $182,698.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric Dobmeier sold 5,411 shares of the business’s 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 $252,098.49. The disclosure for this sale can be found here. Company insiders own 33.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock worth $81,406,000 after buying an additional 358,297 shares during 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 last quarter. 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 last quarter. 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 last quarter. 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.
Seattle Genetics Company Profile
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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