Seattle Genetics, Inc. (SGEN) PT Raised to $60.00
Seattle Genetics, Inc. (NASDAQ:SGEN) had its price objective raised by equities research analysts at Barclays PLC from $55.00 to $60.00 in a research note issued to investors on Monday. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Barclays PLC’s target price would suggest a potential downside of 6.37% from the stock’s current price.
A number of other research analysts also recently commented on the company. Cantor Fitzgerald reaffirmed a “hold” rating and set a $43.00 target price on shares of Seattle Genetics in a report on Monday, June 26th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $64.00 target price on shares of Seattle Genetics in a report on Friday, October 6th. ValuEngine downgraded Seattle Genetics from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and set a $53.00 target price on shares of Seattle Genetics in a report on Thursday, September 14th. Finally, Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a report on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Seattle Genetics has an average rating of “Hold” and a consensus target price of $60.38.
Seattle Genetics (NASDAQ SGEN) opened at 64.08 on Monday. The firm’s 50-day moving average price is $54.50 and its 200 day moving average price is $57.59. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The firm’s market cap is $9.17 billion.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.03. The firm had revenue of $108.20 million during the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. Seattle Genetics’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) earnings per share. On average, equities research analysts forecast that Seattle Genetics will post ($1.69) EPS for the current year.
In other news, COO Eric Dobmeier sold 25,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $52.24, for a total transaction of $1,306,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The disclosure for this sale can be found here. Insiders have sold a total of 183,761 shares of company stock worth $9,494,450 over the last quarter. Insiders own 34.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in SGEN. BlackRock Inc. raised its position in shares of Seattle Genetics by 6,338.2% during the 1st quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock worth $456,845,000 after purchasing an additional 7,154,776 shares during the period. Janus Henderson Group PLC increased its position in Seattle Genetics by 8,672.2% in the 2nd quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock valued at $36,460,000 after acquiring an additional 696,640 shares during the period. Capital International Investors increased its position in Seattle Genetics by 34.3% in the 2nd quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock valued at $140,970,000 after acquiring an additional 695,986 shares during the period. Point72 Asset Management L.P. acquired a new stake in Seattle Genetics in the 1st quarter valued at approximately $29,521,000. Finally, Janus Capital Management LLC increased its position in Seattle Genetics by 321.2% in the 1st quarter. Janus Capital Management LLC now owns 527,400 shares of the biotechnology company’s stock valued at $33,153,000 after acquiring an additional 402,200 shares during the period. Institutional investors and hedge funds own 97.63% 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 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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