Seattle Genetics Inc. (SGEN) Receives “Outperform” Rating from RBC Capital Markets
RBC Capital Markets reissued their outperform rating on shares of Seattle Genetics Inc. (NASDAQ:SGEN) in a research note released on Monday. The firm currently has a $62.00 price objective on the stock, up from their previous price objective of $55.00.
A number of other brokerages also recently weighed in on SGEN. Zacks Investment Research upgraded Seattle Genetics from a hold rating to a buy rating and set a $46.00 target price for the company in a report on Monday, July 4th. SunTrust Banks Inc. boosted their price objective on Seattle Genetics from $34.00 to $38.00 and gave the company a neutral rating in a report on Wednesday, July 27th. Cantor Fitzgerald downgraded Seattle Genetics from a buy rating to a hold rating and set a $43.00 price objective for the company. in a report on Wednesday, July 27th. Goldman Sachs Group Inc. downgraded Seattle Genetics from a neutral rating to a sell rating in a report on Friday, September 16th. Finally, Royal Bank Of Canada boosted their price objective on Seattle Genetics from $55.00 to $62.00 and gave the company an outperform rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $51.53.
Seattle Genetics (NASDAQ:SGEN) traded down 0.96% during midday trading on Monday, reaching $56.70. The company had a trading volume of 175,997 shares. Seattle Genetics has a 12-month low of $26.02 and a 12-month high of $57.83. The stock’s 50 day moving average is $51.37 and its 200 day moving average is $43.02. The firm’s market capitalization is $7.97 billion.
Seattle Genetics (NASDAQ:SGEN) last issued 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 the consensus estimate of $94.56 million. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.38) earnings per share. Equities research analysts expect that Seattle Genetics will post ($1.00) earnings per share for the current year.
In other news, CMO Jonathan G. Drachman sold 2,249 shares of the company’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $56.75, for a total transaction of $127,630.75. Following the transaction, the chief marketing officer now owns 115,504 shares of the company’s stock, valued at approximately $6,554,852. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clay B. Siegall sold 4,042 shares of the company’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $45.20, for a total value of $182,698.40. The disclosure for this sale can be found here. Insiders own 33.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock worth $145,000 after buying an additional 981 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $206,000. Carl Domino Inc purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $218,000. Levin Capital Strategies L.P. purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $218,000. Finally, Capstone Asset Management Co. purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $222,000. 97.93% of the stock is currently owned by hedge funds and other 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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