Seattle Genetics Inc. (SGEN) Cut to “Equal Weight” at Barclays PLC
Seattle Genetics Inc. (NASDAQ:SGEN) was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Tuesday.
Several other equities analysts also recently commented on SGEN. Leerink Swann upped their price objective on shares of Seattle Genetics from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, August 1st. 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 objective on the stock. Goldman Sachs Group Inc. upgraded shares of Seattle Genetics from a “sell” rating to a “neutral” rating and upped their price objective for the company from $30.00 to $47.00 in a report on Thursday, September 15th. Royal Bank Of Canada upped their price target on shares of Seattle Genetics from $55.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, October 10th. Finally, RBC Capital Markets restated an “outperform” rating and issued a $62.00 price target (up from $55.00) on shares of Seattle Genetics in a research note on Monday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Seattle Genetics presently has an average rating of “Hold” and an average price target of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 66.99 on Tuesday. The firm has a 50-day moving average of $59.55 and a 200-day moving average of $48.78. Seattle Genetics has a one year low of $26.02 and a one year high of $75.36. The company’s market capitalization is $9.48 billion.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Thursday, October 27th. The company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. Seattle Genetics had a negative net margin of 27.03% and a negative return on equity of 16.27%. The firm had revenue of $106.30 million for the quarter, compared to the consensus estimate of $4.34 million. During the same period in the previous year, the company earned ($0.21) earnings per share. The company’s quarterly revenue was up 26.4% on a year-over-year basis. Equities research analysts expect that Seattle Genetics will post ($0.95) EPS for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This piece was first reported by The Cerbat Gem and is the propert of of The Cerbat Gem. If you are accessing this piece on another publication, it was illegally stolen and republished in violation of US and international trademark and copyright laws. The correct version of this piece can be read at https://www.thecerbatgem.com/2016/11/29/seattle-genetics-inc-sgen-cut-to-equal-weight-at-barclays-plc.html.
In other Seattle Genetics news, insider Clay B. Siegall sold 31,269 shares of the stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $50.08, for a total transaction of $1,565,951.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric Dobmeier sold 22,918 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $54.04, for a total transaction of $1,238,488.72. The disclosure for this sale can be found here. 33.30% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Perigon Wealth Management LLC purchased a new stake in Seattle Genetics during the second quarter worth $1,212,000. State Board of Administration of Florida Retirement System increased its stake in 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 in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Seattle Genetics during the second quarter worth $16,220,000. Vanguard Group Inc. increased its stake in Seattle Genetics by 2.6% in the second quarter. Vanguard Group Inc. now owns 7,110,502 shares of the company’s stock worth $287,335,000 after buying an additional 178,403 shares in the last quarter. Finally, Eqis Capital Management Inc. increased its stake in Seattle Genetics by 4.6% in the second quarter. Eqis Capital Management Inc. now owns 38,087 shares of the company’s stock worth $1,539,000 after buying an additional 1,658 shares in the last quarter. 97.91% 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).
Receive News & Stock Ratings for Seattle Genetics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seattle Genetics Inc. and related stocks with our FREE daily email newsletter.