Seattle Genetics, Inc. (SGEN) Announces Quarterly Earnings Results
Seattle Genetics, Inc. (NASDAQ:SGEN) released its earnings results on Thursday. The biotechnology company reported ($0.39) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03, Bloomberg Earnings reports. The firm had revenue of $108.20 million for the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) EPS.
Seattle Genetics (NASDAQ SGEN) traded down 3.73% during midday trading on Thursday, reaching $52.97. The company had a trading volume of 1,178,514 shares. The stock’s 50 day moving average is $56.77 and its 200 day moving average is $61.96. Seattle Genetics has a 12-month low of $42.58 and a 12-month high of $75.36. The firm’s market capitalization is $7.56 billion.
In related news, insider Clay B. Siegall sold 10,423 shares of Seattle Genetics 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 document filed with the SEC, which is available through the SEC website. Also, CMO Jonathan G. Drachman sold 10,000 shares of Seattle Genetics stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $64.01, for a total value of $640,100.00. Following the sale, the chief marketing officer now owns 125,204 shares in the company, valued at $8,014,308.04. The disclosure for this sale can be found here. Insiders have sold 30,846 shares of company stock worth $1,861,571 over the last quarter. 33.30% of the stock is currently owned by corporate insiders.
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Several research firms have commented on SGEN. Barclays PLC restated a “hold” rating on shares of Seattle Genetics in a research note on Friday, June 23rd. BidaskClub cut Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. TheStreet cut Seattle Genetics from a “c-” rating to a “d” rating in a research note on Tuesday, May 9th. Jefferies Group LLC restated a “buy” rating and issued a $53.00 target price on shares of Seattle Genetics in a research note on Thursday. Finally, ValuEngine upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $60.47.
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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