Seattle Genetics (SGEN) Upgraded to Hold at BidaskClub
BidaskClub upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a sell rating to a hold rating in a research report report published on Saturday.
Several other analysts have also recently issued reports on SGEN. Cantor Fitzgerald set a $46.00 target price on Seattle Genetics and gave the stock a hold rating in a research note on Wednesday, August 16th. Oppenheimer reissued a hold rating on shares of Seattle Genetics in a research note on Thursday. Barclays lifted their price objective on Seattle Genetics from $55.00 to $60.00 and gave the company an equal weight rating in a research report on Monday, October 16th. Cowen reaffirmed a hold rating on shares of Seattle Genetics in a research report on Sunday, October 29th. Finally, Morgan Stanley lifted their price objective on Seattle Genetics from $64.00 to $69.00 and gave the company an overweight rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $63.53.
Seattle Genetics (NASDAQ:SGEN) traded up $1.99 during midday trading on Friday, hitting $59.26. The company had a trading volume of 683,531 shares, compared to its average volume of 715,021. Seattle Genetics has a 12 month low of $45.31 and a 12 month high of $71.32.
In other news, insider Clay B. Siegall sold 18,832 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $61.18, for a total transaction of $1,152,141.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Eric Dobmeier sold 35,000 shares of Seattle Genetics stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $58.25, for a total transaction of $2,038,750.00. The disclosure for this sale can be found here. Insiders have sold 157,210 shares of company stock valued at $9,237,281 over the last quarter. Company insiders own 34.70% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP lifted its holdings in shares of Seattle Genetics by 116.5% during the third quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 1,428 shares during the last quarter. First Manhattan Co. lifted its holdings in shares of Seattle Genetics by 31.3% during the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after purchasing an additional 750 shares during the last quarter. Bristlecone Advisors LLC purchased a new position in shares of Seattle Genetics during the third quarter valued at approximately $180,000. Virtu Financial LLC purchased a new position in shares of Seattle Genetics during the third quarter valued at approximately $203,000. Finally, DRW Securities LLC purchased a new position in shares of Seattle Genetics during the second quarter valued at approximately $207,000. Hedge funds and other institutional investors own 98.96% of the company’s stock.
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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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