Seattle Genetics, Inc. (SGEN) Given a $43.00 Price Target at Cantor Fitzgerald
Cantor Fitzgerald set a $43.00 target price on Seattle Genetics, Inc. (NASDAQ:SGEN) in a research report released on Monday morning. The brokerage currently has a hold rating on the biotechnology company’s stock.
Several other equities analysts have also recently issued reports on SGEN. Cann started coverage on shares of Seattle Genetics in a research note on Wednesday, March 15th. They issued a market perform rating for the company. Oppenheimer Holdings, Inc. started coverage on shares of Seattle Genetics in a report on Thursday, March 16th. They issued a market perform rating for the company. CIBC started coverage on shares of Seattle Genetics in a report on Thursday, March 16th. They issued a market perform rating for the company. Leerink Swann boosted their price target on shares of Seattle Genetics from $70.00 to $74.00 and gave the stock an outperform rating in a report on Friday, April 7th. Finally, HC Wainwright boosted their price target on shares of Seattle Genetics from $65.00 to $75.00 and gave the stock a buy rating in a report on Friday, April 28th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Seattle Genetics has a consensus rating of Hold and a consensus price target of $60.00.
Shares of Seattle Genetics (SGEN) traded up 1.63% during mid-day trading on Monday, hitting $62.89. 311,629 shares of the stock were exchanged. The company’s market cap is $8.98 billion. Seattle Genetics has a 52-week low of $35.93 and a 52-week high of $75.36. The stock’s 50-day moving average price is $64.17 and its 200-day moving average price is $63.14.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by $0.01. Seattle Genetics had a negative net margin of 43.17% and a negative return on equity of 27.98%. The firm had revenue of $109.10 million during the quarter, compared to analyst estimates of $103.23 million. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. Equities research analysts anticipate that Seattle Genetics will post ($1.67) earnings per share for the current fiscal year.
In related news, insider Vaughn B. Himes sold 10,000 shares of the company’s stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $62.75, for a total value of $627,500.00. Following the completion of the sale, the insider now owns 161,283 shares of the company’s stock, valued at $10,120,508.25. 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 10,423 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $65.21, for a total transaction of $679,683.83. The disclosure for this sale can be found here. Insiders sold 34,888 shares of company stock valued at $2,218,334 in the last three months. 33.30% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Seattle Genetics by 6,338.2% in the first quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock worth $456,845,000 after buying an additional 7,154,776 shares in the last quarter. Norges Bank bought a new position in Seattle Genetics during the fourth quarter worth approximately $57,470,000. State Street Corp boosted its position in Seattle Genetics by 29.4% in the fourth quarter. State Street Corp now owns 2,566,041 shares of the biotechnology company’s stock worth $135,404,000 after buying an additional 582,978 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Seattle Genetics during the first quarter worth approximately $29,521,000. Finally, Pictet Asset Management Ltd. boosted its position in Seattle Genetics by 1,303.6% in the first quarter. Pictet Asset Management Ltd. now owns 475,824 shares of the biotechnology company’s stock worth $29,910,000 after buying an additional 441,924 shares during the last quarter. 98.04% of the stock is 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 is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).
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