Seattle Genetics Inc. (NASDAQ:SGEN)‘s stock had its “outperform” rating reissued by analysts at Leerink Swann in a report released on Monday. They currently have a $62.00 price objective on the stock. Leerink Swann’s price objective suggests a potential upside of 10.73% from the stock’s current price.
SGEN has been the topic of a number of other reports. Morgan Stanley initiated coverage on shares of Seattle Genetics in a research note on Wednesday, September 7th. They set an “overweight” rating and a $60.00 price target on the stock. Goldman Sachs Group Inc. cut shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a research note on Friday, September 16th. Needham & Company LLC restated a “buy” rating and set a $72.00 price target (up from $60.00) on shares of Seattle Genetics in a research note on Wednesday, June 29th. Credit Suisse Group AG restated a “buy” rating on shares of Seattle Genetics in a research note on Tuesday, July 12th. Finally, HC Wainwright restated a “buy” rating and set a $65.00 price target on shares of Seattle Genetics in a research note on Monday, June 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $51.53.
Seattle Genetics (NASDAQ:SGEN) opened at 55.99 on Monday. Seattle Genetics has a 12-month low of $26.02 and a 12-month high of $57.83. The firm has a 50-day moving average of $51.63 and a 200 day moving average of $43.12. The company’s market capitalization is $7.87 billion.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.09. The firm had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The company’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.38) earnings per share. Analysts forecast that Seattle Genetics will post ($1.00) EPS for the current fiscal year.
In other news, insider Clay B. Siegall sold 4,042 shares of the stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $45.20, for a total value of $182,698.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Jonathan G. Drachman sold 2,249 shares of the stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $56.75, for a total transaction of $127,630.75. Following the completion of the transaction, the chief marketing officer now directly owns 115,504 shares in the company, valued at approximately $6,554,852. The disclosure for this sale can be found here. 33.30% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of SGEN. Primecap Management Co. CA raised its position in shares of Seattle Genetics by 5.5% in the first quarter. Primecap Management Co. CA now owns 13,589,187 shares of the company’s stock worth $476,845,000 after buying an additional 707,012 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Seattle Genetics by 2.6% in the second quarter. Vanguard Group Inc. now owns 7,110,502 shares of the company’s stock worth $287,335,000 after buying an additional 178,403 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Seattle Genetics by 7.1% in the first quarter. BlackRock Fund Advisors now owns 2,896,247 shares of the company’s stock worth $101,629,000 after buying an additional 190,779 shares during the last quarter. State Street Corp raised its position in shares of Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock worth $81,406,000 after buying an additional 358,297 shares during the last quarter. Finally, Redmile Group LLC raised its position in shares of Seattle Genetics by 42.4% in the second quarter. Redmile Group LLC now owns 1,381,477 shares of the company’s stock worth $55,825,000 after buying an additional 411,356 shares during the last quarter. 97.93% of the stock is currently owned by hedge funds and other 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’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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