Seattle Genetics, Inc. (SGEN) Given Consensus Rating of “Hold” by Brokerages
Seattle Genetics, Inc. (NASDAQ:SGEN) has received an average rating of “Hold” from the twenty-six brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $64.13.
A number of equities analysts recently commented on SGEN shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 27th. Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Tuesday, October 10th. Guggenheim reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Seattle Genetics in a research note on Monday, October 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Seattle Genetics in a research note on Friday, October 27th. Finally, Barclays PLC lifted their price objective on Seattle Genetics from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Monday, October 16th.
In related news, CMO Jonathan G. Drachman sold 10,000 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction 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 215,565 shares of company stock valued at $11,635,807 in the last quarter. 34.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Quantbot Technologies LP boosted its position in Seattle Genetics by 116.5% in the third quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock worth $144,000 after purchasing an additional 1,428 shares during the last quarter. First Manhattan Co. boosted its position in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after purchasing an additional 750 shares during the last quarter. Bristlecone Advisors LLC purchased a new position in Seattle Genetics in the third quarter worth $180,000. Virtu Financial LLC purchased a new position in Seattle Genetics in the third quarter worth $203,000. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new position in Seattle Genetics in the third quarter worth $208,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.
Seattle Genetics (SGEN) opened at $57.60 on Thursday. Seattle Genetics has a 12-month low of $45.31 and a 12-month high of $73.99.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The firm had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same period last year, the firm posted ($0.23) earnings per share. The business’s revenue for the quarter was up 27.3% on a year-over-year basis. equities research analysts expect that Seattle Genetics will post -0.93 EPS for the current fiscal year.
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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