Seattle Genetics (SGEN) Rating Lowered to Sell at BidaskClub

BidaskClub lowered shares of Seattle Genetics (NASDAQ:SGEN) from a hold rating to a sell rating in a research note released on Saturday.

Several other equities analysts have also recently issued reports on SGEN. Cantor Fitzgerald set a $50.00 price target on Seattle Genetics and gave the company a hold rating in a research report on Tuesday, March 20th. Cowen reiterated a hold rating on shares of Seattle Genetics in a research report on Tuesday, March 13th. Morgan Stanley lowered their price target on Seattle Genetics from $69.00 to $67.00 and set an overweight rating on the stock in a research report on Wednesday, March 21st. Barclays assumed coverage on Seattle Genetics in a research report on Tuesday, March 20th. They set an overweight rating and a $74.00 price target on the stock. Finally, TheStreet cut Seattle Genetics from a c- rating to a d+ rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $64.63.

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SGEN stock opened at $53.57 on Friday. Seattle Genetics has a 1 year low of $45.31 and a 1 year high of $71.32. The stock has a market capitalization of $8,047.62, a price-to-earnings ratio of -60.88 and a beta of 1.96.

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 consensus estimate of ($0.43) by $0.02. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. The company had revenue of $129.61 million for the quarter, compared to analysts’ expectations of $123.99 million. During the same period last year, the firm earned ($0.39) EPS. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. research analysts expect that Seattle Genetics will post -1.57 EPS for the current year.

In other news, insider Vaughn B. Himes sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $58.12, for a total value of $290,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bros. Advisors Lp Baker bought 3,846,153 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was acquired at an average cost of $52.00 per share, with a total value of $199,999,956.00. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 71,953 shares of company stock valued at $3,833,188. Corporate insiders own 34.70% of the company’s stock.

Institutional investors have recently modified their holdings of the company. American International Group Inc. acquired a new stake in shares of Seattle Genetics in the fourth quarter worth $121,000. Quantbot Technologies LP boosted its position in shares of Seattle Genetics by 116.5% in the third quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock worth $144,000 after buying an additional 1,428 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Seattle Genetics by 82.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,861 shares of the biotechnology company’s stock worth $153,000 after buying an additional 1,294 shares during the period. Virtu Financial LLC acquired a new stake in shares of Seattle Genetics in the third quarter worth $203,000. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Seattle Genetics in the third quarter worth $208,000. 93.10% of the stock is owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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