Seattle Genetics, Inc. (NASDAQ:SGEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $68.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.34% from the company’s current price.

According to Zacks, “Seattle Genetics beat both earnings and sales estimates in the third quarter of 2017. Concurrently, the company raised 2017 revenues outlook.The company has upped its guidance for 2017 driven by a robust performance of Adcetris in the first half. We are also encouraged by the company’s efforts to expand the drug’s label. The company’s collaboration with Takeda for the global development and commercialization of Adcetris is encouraging. However, dependence on one product – Adcetris– for growth has its inherent risks. The recent label expansion of Merck’s Keytruda in the lymphoma indication is likely to increase competition. Though the company has multiple candidates in its pipeline, most of them are in early stages of development. The company’s shares have outperformed the industry year to date.”

Several other equities analysts also recently weighed in on the company. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $64.00 price target 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. Guggenheim restated a “buy” rating and set a $72.00 price target on shares of Seattle Genetics in a report on Monday, October 23rd. Jefferies Group LLC restated a “buy” rating and set a $53.00 price target on shares of Seattle Genetics in a report on Thursday, September 14th. Finally, Cann restated a “hold” rating on shares of Seattle Genetics in a report on Tuesday, August 29th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $62.88.

Seattle Genetics (SGEN) opened at $58.45 on Monday. Seattle Genetics has a twelve month low of $45.31 and a twelve month high of $75.36.

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 33.16% and a negative net margin of 26.53%. The firm had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. During the same period last year, the company earned ($0.23) earnings per share. The company’s revenue was up 27.3% on a year-over-year basis. equities research analysts anticipate that Seattle Genetics will post -1.01 EPS for the current fiscal year.

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In other Seattle Genetics news, COO Eric Dobmeier sold 5,343 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $47.89, for a total value of $255,876.27. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $47.54, for a total value of $475,400.00. The disclosure for this sale can be found here. Insiders sold 196,733 shares of company stock worth $10,543,551 over the last three months. Insiders own 34.70% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Aperio Group LLC boosted its position in Seattle Genetics by 0.3% in the second quarter. Aperio Group LLC now owns 31,693 shares of the biotechnology company’s stock worth $1,640,000 after purchasing an additional 91 shares during the last quarter. Eqis Capital Management Inc. boosted its position in Seattle Genetics by 0.7% in the second quarter. Eqis Capital Management Inc. now owns 26,258 shares of the biotechnology company’s stock worth $1,359,000 after purchasing an additional 177 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Seattle Genetics by 1.1% in the second quarter. Oregon Public Employees Retirement Fund now owns 18,400 shares of the biotechnology company’s stock worth $952,000 after purchasing an additional 200 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Seattle Genetics by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock worth $250,000 after purchasing an additional 299 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Seattle Genetics by 6.8% in the second quarter. Prudential Financial Inc. now owns 6,291 shares of the biotechnology company’s stock worth $325,000 after purchasing an additional 400 shares during the last quarter. 97.48% of the stock is currently owned by institutional investors and hedge funds.

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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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