Jefferies Group LLC restated their buy rating on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a research note issued to investors on Thursday morning. They currently have a $53.00 price objective on the biotechnology company’s stock.

A number of other brokerages have also issued reports on SGEN. Cann restated a hold rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. J P Morgan Chase & Co restated a hold rating and issued a $58.00 target price on shares of Seattle Genetics in a research note on Tuesday, June 13th. Cantor Fitzgerald restated a hold rating and issued a $43.00 target price on shares of Seattle Genetics in a research note on Monday, June 26th. Piper Jaffray Companies restated a neutral rating and issued a $48.00 target price on shares of Seattle Genetics in a research note on Tuesday, June 27th. Finally, Cowen and Company set a $61.00 target price on shares of Seattle Genetics and gave the company a hold rating in a research note on Tuesday, June 6th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $61.77.

Shares of Seattle Genetics (SGEN) opened at 53.79 on Thursday. The firm’s market cap is $7.69 billion. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The stock’s 50 day moving average price is $49.62 and its 200-day moving average price is $59.17.

Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.03. The business had revenue of $108.20 million for the quarter, compared to analyst estimates of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.23) EPS. On average, equities research analysts anticipate that Seattle Genetics will post ($1.68) earnings per share for the current fiscal year.

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In related news, CFO Todd E. Simpson sold 4,937 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $47.89, for a total transaction of $236,432.93. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Clay B. Siegall sold 25,506 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $1,221,482.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,352 shares of company stock worth $9,524,196. 34.70% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its stake in shares of Seattle Genetics by 280.2% in the first quarter. Bank of Montreal Can now owns 7,235 shares of the biotechnology company’s stock valued at $454,000 after purchasing an additional 5,332 shares during the period. Capstone Asset Management Co. increased its stake in shares of Seattle Genetics by 7.4% in the first quarter. Capstone Asset Management Co. now owns 5,055 shares of the biotechnology company’s stock valued at $318,000 after purchasing an additional 350 shares during the period. Nationwide Fund Advisors acquired a new stake in shares of Seattle Genetics in the first quarter valued at approximately $1,402,000. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Seattle Genetics by 15.5% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 7,982 shares of the biotechnology company’s stock valued at $501,000 after purchasing an additional 1,070 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Seattle Genetics by 295.3% in the first quarter. Wells Fargo & Company MN now owns 321,791 shares of the biotechnology company’s stock valued at $20,228,000 after purchasing an additional 240,382 shares during the period. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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