BidaskClub downgraded shares of Seattle Genetics (NASDAQ:SGEN) from a sell rating to a strong sell rating in a research report report published on Wednesday.
Several other equities analysts have also commented on SGEN. Cantor Fitzgerald set a $50.00 price objective on shares of Seattle Genetics and gave the stock a hold rating in a report on Tuesday, March 20th. Cowen restated a hold rating on shares of Seattle Genetics in a report on Tuesday, March 13th. TheStreet lowered shares of Seattle Genetics from a c- rating to a d+ rating in a report on Wednesday, February 28th. Morgan Stanley decreased their price objective on shares of Seattle Genetics from $69.00 to $67.00 and set an overweight rating on the stock in a report on Wednesday, March 21st. Finally, SunTrust Banks restated a hold rating and issued a $60.00 price objective on shares of Seattle Genetics in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $64.00.
NASDAQ:SGEN opened at $50.07 on Wednesday. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $71.32.
In related news, CMO Jonathan G. Drachman sold 10,457 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $52.83, for a total transaction of $552,443.31. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $51.71, for a total transaction of $973,802.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,953 shares of company stock worth $3,833,188. 34.70% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in SGEN. American International Group Inc. purchased a new stake in Seattle Genetics during the 4th quarter worth approximately $121,000. Envestnet Asset Management Inc. increased its stake in Seattle Genetics by 82.6% during the 4th 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 purchased a new stake in Seattle Genetics during the 3rd quarter worth approximately $203,000. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Seattle Genetics during the 3rd quarter worth approximately $208,000. Finally, Trexquant Investment LP purchased a new stake in Seattle Genetics during the 3rd quarter worth approximately $226,000. 93.10% of the stock is currently owned by hedge funds and other institutional investors.
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Seattle Genetics Company Profile
Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.
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