Seattle Genetics, Inc. (NASDAQ:SGEN) Receives $62.00 Consensus PT from Brokerages
Seattle Genetics, Inc. (NASDAQ:SGEN) has been assigned an average recommendation of “Hold” from the twenty-four ratings firms that are covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $62.00.
Several brokerages have recently weighed in on SGEN. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Seattle Genetics in a report on Saturday, June 3rd. BidaskClub downgraded Seattle Genetics from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Cann reiterated a “hold” rating on shares of Seattle Genetics in a report on Monday, June 19th. Cowen and Company set a $61.00 price target on Seattle Genetics and gave the stock a “hold” rating in a report on Tuesday, June 6th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $55.00 price target (down from $58.00) on shares of Seattle Genetics in a report on Tuesday, June 20th.
In other Seattle Genetics news, insider Clay B. Siegall sold 10,423 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Jonathan G. Drachman sold 10,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total value of $640,100.00. Following the sale, the chief marketing officer now directly owns 125,204 shares in the company, valued at approximately $8,014,308.04. The disclosure for this sale can be found here. Insiders have sold a total of 30,846 shares of company stock worth $1,861,571 in the last ninety days. Insiders own 33.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Seattle Genetics by 3.9% in the first quarter. Vanguard Group Inc. now owns 7,362,687 shares of the biotechnology company’s stock valued at $462,818,000 after buying an additional 275,044 shares during the period. BlackRock Inc. boosted 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 valued at $456,845,000 after buying an additional 7,154,776 shares during the period. State Street Corp boosted its stake in shares of Seattle Genetics by 10.9% in the first quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock valued at $178,847,000 after buying an additional 279,079 shares during the period. Norges Bank bought a new stake in shares of Seattle Genetics during the fourth quarter valued at about $57,470,000. Finally, Geode Capital Management LLC boosted its stake in shares of Seattle Genetics by 8.3% in the first quarter. Geode Capital Management LLC now owns 795,339 shares of the biotechnology company’s stock valued at $49,976,000 after buying an additional 60,696 shares during the period. 98.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of Seattle Genetics (NASDAQ:SGEN) remained flat at $53.73 during midday trading on Friday. The company had a trading volume of 684,842 shares. The firm’s market capitalization is $7.67 billion. The firm’s 50-day moving average price is $63.06 and its 200 day moving average price is $62.73. Seattle Genetics has a 12-month low of $41.34 and a 12-month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.41) by $0.01. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The business had revenue of $109.10 million during the quarter, compared to analysts’ expectations of $103.23 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. Analysts predict that Seattle Genetics will post ($1.68) EPS for the current year.
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 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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