Seattle Genetics Inc. (SGEN) Sees Strong Trading Volume
Seattle Genetics Inc. (NASDAQ:SGEN) shares saw an uptick in trading volume on Thursday . 1,573,578 shares were traded during trading, an increase of 97% from the previous session’s volume of 798,527 shares.The stock last traded at $43.98 and had previously closed at $45.12.
Several brokerages have recently weighed in on SGEN. Leerink Swann upped their price objective on shares of Seattle Genetics from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, August 1st. RBC Capital Markets reiterated an “outperform” rating on shares of Seattle Genetics in a report on Wednesday, July 27th. Cantor Fitzgerald lowered shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a report on Wednesday, July 27th. SunTrust Banks Inc. upped their target price on shares of Seattle Genetics from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Finally, Barclays PLC upped their target price on shares of Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $47.62.
The company’s market capitalization is $6.18 billion. The firm’s 50-day moving average price is $45.27 and its 200-day moving average price is $38.33.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. During the same period in the previous year, the firm posted ($0.38) EPS. The company had revenue of $95.40 million for the quarter, compared to the consensus estimate of $94.56 million. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. On average, analysts anticipate that Seattle Genetics Inc. will post ($1.00) earnings per share for the current fiscal year.
In other news, CEO Clay B. Siegall sold 22,083 shares of Seattle Genetics stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $43.59, for a total transaction of $962,597.97. Following the sale, the chief executive officer now owns 566,538 shares of the company’s stock, valued at approximately $24,695,391.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clay B. Siegall sold 48,660 shares of Seattle Genetics stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $40.41, for a total transaction of $1,966,350.60. Following the sale, the chief executive officer now directly owns 563,883 shares in the company, valued at approximately $22,786,512.03. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Seattle Genetics stock. Trexquant Investment LP raised its position in shares of Seattle Genetics Inc. (NASDAQ:SGEN) by 37.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,480 shares of the company’s stock after buying an additional 8,080 shares during the period. Trexquant Investment LP’s holdings in Seattle Genetics were worth $1,323,000 as of its most recent filing with the SEC.
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).