Oppenheimer Holdings, Inc. began coverage on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a research report released on Tuesday. The brokerage issued a hold rating on the biotechnology company’s stock.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a buy rating and issued a $72.00 target price on shares of Seattle Genetics in a research report on Tuesday, June 20th. Jefferies Group LLC reaffirmed a buy rating and issued a $53.00 target price on shares of Seattle Genetics in a research report on Thursday, July 27th. Zacks Investment Research raised Seattle Genetics from a hold rating to a buy rating and set a $64.00 target price on the stock in a research report on Tuesday. Cantor Fitzgerald set a $43.00 target price on Seattle Genetics and gave the company a hold rating in a research report on Monday, June 19th. Finally, Cowen and Company reaffirmed a hold rating and issued a $54.00 target price (down previously from $61.00) on shares of Seattle Genetics in a research report on Monday, June 19th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $61.00.

Shares of Seattle Genetics (NASDAQ SGEN) traded up 0.62% on Tuesday, hitting $62.15. The stock had a trading volume of 303,350 shares. Seattle Genetics has a one year low of $45.31 and a one year high of $75.36. The stock’s market capitalization is $8.89 billion. The firm’s 50 day moving average is $53.86 and its 200-day moving average is $57.70.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The firm had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. Equities research analysts expect that Seattle Genetics will post ($1.69) earnings per share for the current fiscal year.

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In related news, EVP Darren S. Cline sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $49.19, for a total value of $295,140.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clay B. Siegall sold 10,413 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $48.91, for a total value of $509,299.83. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,929 shares of company stock valued at $8,342,308. 34.70% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc lifted its stake in Seattle Genetics by 12.4% during the second quarter. Legal & General Group Plc now owns 109,089 shares of the biotechnology company’s stock worth $5,644,000 after purchasing an additional 12,005 shares during the last quarter. Teachers Advisors LLC lifted its stake in Seattle Genetics by 24.0% during the first quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock worth $22,438,000 after purchasing an additional 69,140 shares during the last quarter. Spark Investment Management LLC lifted its stake in Seattle Genetics by 166.5% during the second quarter. Spark Investment Management LLC now owns 139,100 shares of the biotechnology company’s stock worth $7,197,000 after purchasing an additional 86,900 shares during the last quarter. State of Wisconsin Investment Board lifted its stake in Seattle Genetics by 104.4% during the second quarter. State of Wisconsin Investment Board now owns 40,343 shares of the biotechnology company’s stock worth $2,087,000 after purchasing an additional 20,610 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Seattle Genetics by 10.9% during the first quarter. Morgan Stanley now owns 157,334 shares of the biotechnology company’s stock worth $9,890,000 after purchasing an additional 15,458 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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