Leerink Swann Research Analysts Reduce Earnings Estimates for Seattle Genetics, Inc. (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN) – Stock analysts at Leerink Swann decreased their Q1 2018 earnings per share (EPS) estimates for Seattle Genetics in a research note issued on Wednesday. Leerink Swann analyst M. Schmidt now expects that the biotechnology company will earn ($0.49) per share for the quarter, down from their prior forecast of ($0.46). Leerink Swann also issued estimates for Seattle Genetics’ Q2 2018 earnings at ($0.50) EPS, Q3 2018 earnings at ($0.49) EPS, Q4 2018 earnings at ($0.47) EPS, FY2018 earnings at ($1.95) EPS, FY2019 earnings at ($1.50) EPS and FY2020 earnings at ($0.72) EPS.
SGEN has been the topic of several other research reports. BidaskClub upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Saturday, December 9th. Cann began coverage on Seattle Genetics in a research note on Wednesday, November 8th. They issued a “hold” rating on the stock. Bank of America upgraded Seattle Genetics from an “underperform” rating to a “neutral” rating in a research note on Friday, October 27th. Oppenheimer reiterated a “hold” rating on shares of Seattle Genetics in a research note on Thursday, December 7th. Finally, JPMorgan Chase & Co. lifted their price target on Seattle Genetics from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $64.56.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.02. Seattle Genetics had a negative return on equity of 33.36% and a negative net margin of 26.03%. The company had revenue of $129.61 million for the quarter, compared to analyst estimates of $123.99 million. During the same quarter last year, the company posted ($0.39) EPS. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year.
In other Seattle Genetics news, insider Vaughn B. Himes sold 10,000 shares of Seattle Genetics stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $59.97, for a total transaction of $599,700.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Marc E. Lippman sold 3,000 shares of Seattle Genetics stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $58.07, for a total value of $174,210.00. The disclosure for this sale can be found here. Insiders have sold a total of 98,993 shares of company stock worth $5,603,714 in the last 90 days. 34.70% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in Seattle Genetics by 2.9% during the 4th quarter. BlackRock Inc. now owns 7,756,494 shares of the biotechnology company’s stock worth $414,975,000 after buying an additional 220,955 shares during the period. Capital International Investors lifted its holdings in Seattle Genetics by 63.7% during the 3rd quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock worth $242,682,000 after buying an additional 1,735,657 shares during the period. Manning & Napier Advisors LLC acquired a new position in Seattle Genetics during the 3rd quarter worth about $140,098,000. Pictet Asset Management Ltd. lifted its holdings in Seattle Genetics by 79.3% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock worth $68,906,000 after buying an additional 560,110 shares during the period. Finally, Capital Guardian Trust Co. lifted its holdings in Seattle Genetics by 82.2% during the 3rd quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock worth $57,909,000 after buying an additional 480,044 shares during the period. 98.92% of the stock is currently owned by hedge funds and other institutional investors.
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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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