Seattle Genetics, Inc. to Post FY2022 Earnings of $2.55 Per Share, SunTrust Banks Forecasts (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN) – Equities researchers at SunTrust Banks issued their FY2022 earnings per share estimates for shares of Seattle Genetics in a research note issued to investors on Friday. SunTrust Banks analyst Y. Suneja expects that the biotechnology company will post earnings of $2.55 per share for the year. SunTrust Banks has a “Hold” rating and a $52.00 price objective on the stock.
Other research analysts have also issued research reports about the company. Guggenheim restated a “buy” rating and issued a $72.00 target price on shares of Seattle Genetics in a report on Monday, October 23rd. Oppenheimer restated a “hold” rating on shares of Seattle Genetics in a report on Tuesday, January 2nd. Cowen restated a “hold” rating on shares of Seattle Genetics in a report on Sunday, October 29th. Goldman Sachs Group reiterated a “neutral” rating and set a $64.00 price target on shares of Seattle Genetics in a report on Friday, October 6th. Finally, Cantor Fitzgerald set a $46.00 price target on Seattle Genetics and gave the stock a “hold” rating in a report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $63.76.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share 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 company had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same quarter last year, the company earned ($0.23) earnings per share. The company’s revenue for the quarter was up 27.3% on a year-over-year basis.
Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Seattle Genetics by 2.3% in the second quarter. Vanguard Group Inc. now owns 7,530,515 shares of the biotechnology company’s stock valued at $389,628,000 after buying an additional 167,828 shares during the period. BlackRock Inc. raised its stake in shares of Seattle Genetics by 2.6% in the second quarter. BlackRock Inc. now owns 7,453,483 shares of the biotechnology company’s stock valued at $385,644,000 after buying an additional 185,823 shares during the period. Capital International Investors raised its stake in shares of Seattle Genetics by 63.7% in the third quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock valued at $242,682,000 after buying an additional 1,735,657 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Seattle Genetics in the third quarter valued at $140,098,000. Finally, Matrix Capital Management Company LP raised its stake in shares of Seattle Genetics by 18.8% in the second quarter. Matrix Capital Management Company LP now owns 2,118,000 shares of the biotechnology company’s stock valued at $109,585,000 after buying an additional 335,000 shares during the period. Hedge funds and other institutional investors own 98.88% of the company’s stock.
In other Seattle Genetics news, insider Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $58.00, for a total value of $1,092,256.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Todd E. Simpson sold 39,385 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $60.91, for a total value of $2,398,940.35. The disclosure for this sale can be found here. Insiders have sold 157,210 shares of company stock worth $9,094,911 over the last quarter. 34.70% of the stock is currently owned by corporate insiders.
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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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