Seattle Genetics Inc. (SGEN) PT Raised to $62.00
Seattle Genetics Inc. (NASDAQ:SGEN) had its target price hoisted by analysts at Royal Bank Of Canada from $55.00 to $62.00 in a report released on Monday. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 10.73% from the stock’s previous close.
Several other brokerages have also weighed in on SGEN. Leerink Swann increased their price objective on shares of Seattle Genetics from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, August 1st. RBC Capital Markets reissued an “outperform” rating on shares of Seattle Genetics in a research report on Wednesday, July 27th. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price objective (up from $60.00) on shares of Seattle Genetics in a research report on Wednesday, June 29th. Morgan Stanley started coverage on shares of Seattle Genetics in a research report on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $65.00 price objective on shares of Seattle Genetics in a research report on Monday, June 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Seattle Genetics presently has a consensus rating of “Hold” and a consensus price target of $51.53.
Seattle Genetics (NASDAQ:SGEN) opened at 55.99 on Monday. The firm has a 50-day moving average of $51.63 and a 200-day moving average of $43.12. The firm’s market capitalization is $7.87 billion. Seattle Genetics has a 52-week low of $26.02 and a 52-week high of $57.83.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. The firm earned $95.40 million during the quarter, compared to analysts’ expectations of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.38) earnings per share. On average, equities research analysts forecast that Seattle Genetics will post ($1.00) EPS for the current fiscal year.
In other Seattle Genetics news, CMO Jonathan G. Drachman sold 2,249 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total value of $127,630.75. Following the transaction, the chief marketing officer now directly owns 115,504 shares of the company’s stock, valued at approximately $6,554,852. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Clay B. Siegall sold 4,042 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The shares were 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. 33.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position in Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock valued at $81,406,000 after buying an additional 358,297 shares in the last quarter. BlackRock Group LTD raised its position in Seattle Genetics by 18.4% in the first quarter. BlackRock Group LTD now owns 102,261 shares of the company’s stock valued at $3,589,000 after buying an additional 15,873 shares in the last quarter. BlackRock Inc. raised its position in Seattle Genetics by 283.9% in the first quarter. BlackRock Inc. now owns 11,654 shares of the company’s stock valued at $408,000 after buying an additional 8,618 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in Seattle Genetics by 17.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 179,627 shares of the company’s stock valued at $7,258,000 after buying an additional 26,935 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in Seattle Genetics during the second quarter valued at approximately $16,220,000. 97.93% of the stock is currently owned by hedge funds and other institutional investors.
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’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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