Seattle Genetics Inc. (SGEN) Earns Buy Rating from Leerink Swann
Other analysts also recently issued reports about the company. Credit Suisse Group AG reissued a buy rating on shares of Seattle Genetics in a research report on Tuesday, July 12th. Zacks Investment Research raised Seattle Genetics from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Monday, July 4th. Needham & Company LLC reissued a buy rating and set a $72.00 price objective (up from $60.00) on shares of Seattle Genetics in a research report on Wednesday, June 29th. HC Wainwright restated a buy rating and set a $65.00 target price on shares of Seattle Genetics in a report on Monday, June 13th. Finally, Cantor Fitzgerald restated a buy rating and set a $43.00 target price 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 eight have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $49.92.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 54.79 on Friday. The company has a 50-day moving average of $47.99 and a 200-day moving average of $40.82. Seattle Genetics has a 1-year low of $26.02 and a 1-year high of $55.73. The stock’s market capitalization is $7.70 billion.
Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The business earned $95.40 million during the quarter, compared to the consensus estimate of $94.56 million. During the same period last year, the company earned ($0.38) EPS. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. On average, equities research analysts expect that Seattle Genetics will post ($1.00) EPS for the current fiscal year.
In related news, CEO Clay B. Siegall sold 7,618 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $40.56, for a total transaction of $308,986.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric Dobmeier sold 22,918 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $54.04, for a total value of $1,238,488.72. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services Inc raised its position in Seattle Genetics by 0.4% in the second quarter. Commonwealth Equity Services Inc now owns 5,942 shares of the company’s stock valued at $240,000 after buying an additional 25 shares during the period. Fairfield Bush & CO. raised its position in Seattle Genetics by 0.7% in the second quarter. Fairfield Bush & CO. now owns 21,822 shares of the company’s stock valued at $882,000 after buying an additional 150 shares during the period. Brown Advisory Inc. raised its position in Seattle Genetics by 0.5% in the second quarter. Brown Advisory Inc. now owns 34,276 shares of the company’s stock valued at $1,385,000 after buying an additional 156 shares during the period. PNC Financial Services Group Inc. raised its position in Seattle Genetics by 0.7% in the second quarter. PNC Financial Services Group Inc. now owns 41,287 shares of the company’s stock valued at $1,669,000 after buying an additional 292 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Seattle Genetics by 3.5% in the first quarter. Envestnet Asset Management Inc. now owns 9,779 shares of the company’s stock valued at $343,000 after buying an additional 335 shares during the period. 97.93% of the stock is currently owned by institutional investors.
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’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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