Seattle Genetics (SGEN) Rating Lowered to Sell at BidaskClub

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BidaskClub cut shares of Seattle Genetics (NASDAQ:SGEN) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

SGEN has been the subject of several other research reports. JPMorgan Chase & Co. raised shares of Seattle Genetics from a neutral rating to an overweight rating and set a $60.00 price target for the company in a research note on Wednesday, February 14th. Cantor Fitzgerald set a $50.00 price target on shares of Seattle Genetics and gave the company a hold rating in a research note on Thursday, April 26th. Barclays began coverage on shares of Seattle Genetics in a research note on Tuesday, March 20th. They set an overweight rating and a $74.00 price target for the company. HC Wainwright reissued a buy rating on shares of Seattle Genetics in a research note on Wednesday, February 7th. Finally, Morgan Stanley lowered their target price on shares of Seattle Genetics from $69.00 to $67.00 and set an overweight rating for the company in a research note on Wednesday, March 21st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. Seattle Genetics presently has an average rating of Hold and a consensus target price of $64.00.

Shares of Seattle Genetics opened at $55.37 on Thursday, MarketBeat Ratings reports. Seattle Genetics has a fifty-two week low of $45.31 and a fifty-two week high of $67.97. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of -62.92 and a beta of 1.84.

Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, April 26th. The biotechnology company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.31). Seattle Genetics had a negative net margin of 34.51% and a negative return on equity of 29.74%. The company had revenue of $140.59 million during the quarter, compared to analyst estimates of $119.04 million. During the same quarter in the prior year, the business earned ($0.42) EPS. The business’s quarterly revenue was up 28.8% on a year-over-year basis. equities research analysts expect that Seattle Genetics will post -1.68 EPS for the current fiscal year.

In related news, CEO Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $57.32, for a total transaction of $1,079,450.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Vaughn B. Himes sold 5,000 shares of the business’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $58.12, for a total transaction of $290,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 972,105 shares of company stock valued at $51,109,391 and have sold 84,953 shares valued at $4,622,291. 33.80% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in SGEN. Goldman Sachs Group Inc. increased its holdings in Seattle Genetics by 92.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,469,888 shares of the biotechnology company’s stock worth $132,139,000 after acquiring an additional 1,184,491 shares during the period. BlackRock Inc. increased its holdings in Seattle Genetics by 9.5% during the 1st quarter. BlackRock Inc. now owns 8,492,963 shares of the biotechnology company’s stock worth $444,521,000 after acquiring an additional 736,469 shares during the period. Nexthera Capital LP bought a new stake in Seattle Genetics during the 1st quarter worth approximately $18,998,000. Millennium Management LLC increased its holdings in Seattle Genetics by 5,032.1% during the 4th quarter. Millennium Management LLC now owns 334,921 shares of the biotechnology company’s stock worth $17,918,000 after acquiring an additional 328,395 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in Seattle Genetics by 337.2% during the 1st quarter. Wells Fargo & Company MN now owns 306,681 shares of the biotechnology company’s stock worth $16,051,000 after acquiring an additional 236,538 shares during the period.

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.

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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