Investors Buy Seattle Genetics, Inc. (SGEN) on Weakness
Traders bought shares of Seattle Genetics, Inc. (NASDAQ:SGEN) on weakness during trading on Monday. $36.86 million flowed into the stock on the tick-up and $11.71 million flowed out of the stock on the tick-down, for a money net flow of $25.15 million into the stock. Of all companies tracked, Seattle Genetics had the 23rd highest net in-flow for the day. Seattle Genetics traded down ($0.90) for the day and closed at $52.89
Several research analysts have issued reports on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Seattle Genetics in a research report on Saturday, June 3rd. Cantor Fitzgerald set a $46.00 target price on Seattle Genetics and gave the company a “hold” rating in a research report on Wednesday, August 16th. Jefferies Group LLC restated a “buy” rating and set a $53.00 target price on shares of Seattle Genetics in a research report on Thursday, September 14th. Cowen and Company set a $61.00 target price on Seattle Genetics and gave the company a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub lowered Seattle Genetics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $61.77.
The company has a 50-day moving average price of $49.71 and a 200 day moving average price of $58.82. The firm’s market capitalization is $7.51 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.23) EPS. On average, analysts forecast that Seattle Genetics, Inc. will post ($1.68) EPS for the current fiscal year.
In other Seattle Genetics news, insider Clay B. Siegall sold 10,413 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $48.91, for a total value of $509,299.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric Dobmeier sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $52.24, for a total transaction of $1,306,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 185,352 shares of company stock valued at $9,524,196 in the last ninety days. 34.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. First Manhattan Co. boosted its position in Seattle Genetics by 31.3% in the 2nd quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after buying an additional 750 shares during the period. Daiwa Securities Group Inc. boosted its position in Seattle Genetics by 562.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock valued at $167,000 after buying an additional 2,250 shares during the period. Meeder Asset Management Inc. boosted its position in Seattle Genetics by 1,580.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock valued at $205,000 after buying an additional 3,715 shares during the period. DRW Securities LLC purchased a new position in Seattle Genetics in the 2nd quarter valued at approximately $207,000. Finally, Capital Fund Management S.A. purchased a new position in Seattle Genetics in the 1st quarter valued at approximately $208,000. 97.63% of the stock is owned by institutional investors.
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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