Seattle Genetics Inc. (NASDAQ:SGEN) had its target price raised by Royal Bank Of Canada from $55.00 to $62.00 in a report issued on Monday morning. The firm currently has an outperform rating on the stock.
A number of other equities research analysts have also recently commented on SGEN. HC Wainwright restated a buy rating and set a $65.00 target price on shares of Seattle Genetics in a research report on Monday, June 13th. Credit Suisse Group AG reiterated a buy rating on shares of Seattle Genetics in a report on Monday, June 20th. Needham & Company LLC reiterated a buy rating and issued a $72.00 price objective (up from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. Zacks Investment Research upgraded Seattle Genetics from a hold rating to a buy rating and set a $46.00 price objective on the stock in a report on Monday, July 4th. Finally, Cantor Fitzgerald cut Seattle Genetics from a buy rating to a hold rating and set a $43.00 price objective on the stock. in a report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Seattle Genetics presently has a consensus rating of Hold and a consensus price target of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 52.29 on Monday. The stock’s market capitalization is $7.35 billion. Seattle Genetics has a one year low of $26.02 and a one year high of $57.83. The stock has a 50 day moving average price of $51.98 and a 200 day moving average price of $43.25.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, July 26th. The company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. During the same period last year, the firm earned ($0.38) EPS. The company’s quarterly revenue was up 23.7% on a year-over-year basis. Equities analysts forecast that Seattle Genetics will post ($1.00) earnings per share for the current year.
In related news, EVP Vaughn B. Himes sold 3,991 shares of Seattle Genetics stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total transaction of $185,940.69. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 4,042 shares of Seattle Genetics stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total transaction of $182,698.40. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock valued at $81,406,000 after buying an additional 358,297 shares during the period. BlackRock Group LTD increased its stake in Seattle Genetics by 18.4% in the first quarter. BlackRock Group LTD now owns 102,261 shares of the company’s stock valued at $3,589,000 after buying an additional 15,873 shares during the period. BlackRock Inc. increased its stake in Seattle Genetics by 283.9% in the first quarter. BlackRock Inc. now owns 11,654 shares of the company’s stock valued at $408,000 after buying an additional 8,618 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Seattle Genetics by 17.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 179,627 shares of the company’s stock valued at $7,258,000 after buying an additional 26,935 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new stake in Seattle Genetics during the second quarter valued at about $16,220,000. 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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