Seattle Genetics (SGEN) Expected to Announce Quarterly Sales of $120.85 Million

Wall Street analysts expect Seattle Genetics (NASDAQ:SGEN) to post $120.85 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Seattle Genetics’ earnings, with the highest sales estimate coming in at $127.00 million and the lowest estimate coming in at $116.00 million. Seattle Genetics reported sales of $109.13 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.7%. The firm is scheduled to issue its next quarterly earnings report after the market closes on Thursday, April 26th.

On average, analysts expect that Seattle Genetics will report full year sales of $519.36 million for the current year, with estimates ranging from $488.58 million to $566.10 million. For the next financial year, analysts forecast that the company will post sales of $710.28 million per share, with estimates ranging from $575.00 million to $821.24 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Seattle Genetics.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.02. The company had revenue of $129.61 million for the quarter, compared to the consensus estimate of $123.99 million. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.39) earnings per share.

A number of research firms recently commented on SGEN. Royal Bank of Canada reiterated a “buy” rating and issued a $73.00 target price on shares of Seattle Genetics in a research report on Tuesday, March 20th. Bank of America decreased their target price on Seattle Genetics from $70.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 7th. SunTrust Banks reiterated a “hold” rating and issued a $60.00 target price on shares of Seattle Genetics in a research report on Wednesday, February 7th. Cann restated a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, March 20th. Finally, BidaskClub downgraded Seattle Genetics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, April 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $64.00.

Shares of NASDAQ:SGEN traded up $0.11 during mid-day trading on Friday, reaching $49.68. The stock had a trading volume of 1,119,036 shares, compared to its average volume of 783,908. The company has a market capitalization of $7,839.99, a P/E ratio of -56.45 and a beta of 1.84. Seattle Genetics has a 1 year low of $45.31 and a 1 year high of $71.32.

In other news, insider Vaughn B. Himes sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $58.12, for a total transaction of $290,600.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction that occurred on Monday, April 9th. The shares were sold at an average price of $50.52, for a total value of $951,392.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,953 shares of company stock worth $3,810,778. Company insiders own 33.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake in shares of Seattle Genetics by 82.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 2,861 shares of the biotechnology company’s stock valued at $153,000 after buying an additional 1,294 shares during the last quarter. Slow Capital Inc. bought a new position in shares of Seattle Genetics during the fourth quarter valued at approximately $1,605,000. Verition Fund Management LLC bought a new position in shares of Seattle Genetics during the fourth quarter valued at approximately $247,000. LPL Financial LLC grew its stake in shares of Seattle Genetics by 984.1% during the fourth quarter. LPL Financial LLC now owns 89,158 shares of the biotechnology company’s stock valued at $4,770,000 after buying an additional 80,934 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Seattle Genetics by 5,032.1% during the fourth quarter. Millennium Management LLC now owns 334,921 shares of the biotechnology company’s stock valued at $17,918,000 after buying an additional 328,395 shares during the last quarter. 92.99% of the stock is currently owned by hedge funds and other institutional investors.

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About Seattle Genetics

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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Earnings History and Estimates for Seattle Genetics (NASDAQ:SGEN)

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