Seattle Genetics, Inc. (SGEN) Trading Up -1.6%
Seattle Genetics, Inc. (NASDAQ:SGEN) shares were up 1.6% on Tuesday . The company traded as high as $59.03 and last traded at $57.80. Approximately 642,156 shares changed hands during trading, a decline of 36% from the average daily volume of 1,005,440 shares. The stock had previously closed at $58.72.
Several research firms recently weighed in on SGEN. Cowen and Company set a $61.00 target price on Seattle Genetics and gave the stock a “hold” rating in a report on Tuesday, June 6th. Cann reiterated a “hold” rating on shares of Seattle Genetics in a research note on Monday, June 19th. Cantor Fitzgerald set a $43.00 price target on shares of Seattle Genetics and gave the company a “hold” rating in a report on Monday, June 19th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Seattle Genetics in a research report on Thursday, June 15th. Finally, J P Morgan Chase & Co restated a “hold” rating and issued a $58.00 price target on shares of Seattle Genetics in a research report on Tuesday, June 13th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $61.77.
The company has a 50-day moving average of $51.10 and a 200-day moving average of $57.92. The company’s market capitalization is $8.27 billion.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.23) EPS. Analysts forecast that Seattle Genetics, Inc. will post ($1.68) earnings per share for the current fiscal year.
In related news, insider Vaughn B. Himes sold 10,000 shares of the company’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $53.22, for a total transaction of $532,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Clay B. Siegall sold 10,423 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $51.98, for a total transaction of $541,787.54. The disclosure for this sale can be found here. Insiders sold 175,352 shares of company stock worth $8,884,096 in the last 90 days. 34.70% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Nationwide Fund Advisors acquired a new position in shares of Seattle Genetics in the 1st quarter valued at approximately $1,402,000. US Bancorp DE lifted its holdings in shares of Seattle Genetics by 18.4% during the 1st quarter. US Bancorp DE now owns 7,145 shares of the biotechnology company’s stock worth $449,000 after acquiring an additional 1,108 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Seattle Genetics by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 429,927 shares of the biotechnology company’s stock worth $27,024,000 after acquiring an additional 15,903 shares during the period. World Asset Management Inc acquired a new stake in shares of Seattle Genetics during the 1st quarter worth approximately $273,000. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Seattle Genetics by 14.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 216,415 shares of the biotechnology company’s stock worth $13,604,000 after acquiring an additional 27,710 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.
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 is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).
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