Seattle Genetics Inc. (SGEN) Trading Down 2.4%
Seattle Genetics Inc. (NASDAQ:SGEN)’s share price was down 2.4% on Monday . The stock traded as low as $46.78 and last traded at $46.81, with a volume of 249,457 shares changing hands. The stock had previously closed at $47.94.
Several equities analysts have recently weighed in on SGEN shares. Needham & Company LLC restated a “buy” rating and issued a $72.00 price objective (up previously from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. Barclays PLC raised their price objective on Seattle Genetics from $48.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, July 27th. Credit Suisse Group AG restated a “buy” rating on shares of Seattle Genetics in a report on Tuesday, July 12th. Leerink Swann raised their price objective on Seattle Genetics from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, August 1st. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $43.00 price objective on shares of Seattle Genetics in a report on Wednesday, June 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Seattle Genetics presently has a consensus rating of “Hold” and an average price target of $47.62.
The firm’s market capitalization is $6.56 billion. The firm’s 50 day moving average price is $42.93 and its 200-day moving average price is $37.27.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.09. The business earned $95.40 million during the quarter, compared to analyst estimates of $94.56 million. The company’s revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.38) EPS. Analysts predict that Seattle Genetics Inc. will post ($1.00) EPS for the current year.
In other Seattle Genetics news, CEO Clay B. Siegall sold 48,660 shares of the company’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $40.41, for a total value of $1,966,350.60. Following the completion of the sale, the chief executive officer now directly owns 563,883 shares of the company’s stock, valued at approximately $22,786,512.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clay B. Siegall sold 4,042 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total transaction of $182,698.40. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of SGEN. Trexquant Investment LP increased its stake in shares of Seattle Genetics by 37.8% in the fourth quarter. Trexquant Investment LP now owns 29,480 shares of the company’s stock worth $1,323,000 after buying an additional 8,080 shares during the last quarter. BlackRock Advisors LLC increased its stake in shares of Seattle Genetics by 15.9% in the fourth quarter. BlackRock Advisors LLC now owns 278,255 shares of the company’s stock worth $12,488,000 after buying an additional 38,156 shares during the last quarter. Finally, Eagle Asset Management increased its stake in shares of Seattle Genetics by 53.2% in the third quarter. Eagle Asset Management now owns 594,490 shares of the company’s stock worth $22,922,000 after buying an additional 206,317 shares during the last quarter.
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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