Seattle Genetics (SGEN) Issues Quarterly Earnings Results, Misses Expectations By $0.36 EPS

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Seattle Genetics (NASDAQ:SGEN) released its earnings results on Thursday. The biotechnology company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.36), RTT News reports. Seattle Genetics had a negative net margin of 26.58% and a negative return on equity of 19.13%. The business had revenue of $174.50 million for the quarter, compared to analyst estimates of $164.03 million. During the same period in the prior year, the company earned ($0.41) earnings per share. The firm’s revenue for the quarter was up 34.6% on a year-over-year basis. Seattle Genetics updated its FY 2019 guidance to EPS.

Shares of SGEN stock traded down $1.93 during trading hours on Thursday, reaching $73.75. 1,220,125 shares of the stock traded hands, compared to its average volume of 909,926. Seattle Genetics has a 1-year low of $47.75 and a 1-year high of $84.37. The firm has a market capitalization of $12.11 billion, a P/E ratio of -83.81 and a beta of 2.39.

In other news, insider Vaughn B. Himes sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $62.14, for a total transaction of $310,700.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Darren S. Cline sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $62.88, for a total transaction of $440,160.00. The disclosure for this sale can be found here. Insiders have sold 61,463 shares of company stock worth $3,840,215 in the last 90 days. 33.80% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in SGEN. Capital International Investors raised its holdings in shares of Seattle Genetics by 53.6% during the third quarter. Capital International Investors now owns 9,414,375 shares of the biotechnology company’s stock valued at $726,037,000 after acquiring an additional 3,285,237 shares during the period. Frontier Capital Management Co. LLC raised its holdings in shares of Seattle Genetics by 943.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,166,968 shares of the biotechnology company’s stock valued at $66,120,000 after acquiring an additional 1,055,173 shares during the period. First Trust Advisors LP raised its holdings in shares of Seattle Genetics by 70.7% during the third quarter. First Trust Advisors LP now owns 1,779,195 shares of the biotechnology company’s stock valued at $137,212,000 after acquiring an additional 736,621 shares during the period. Morgan Stanley raised its holdings in shares of Seattle Genetics by 107.5% during the third quarter. Morgan Stanley now owns 296,026 shares of the biotechnology company’s stock valued at $22,830,000 after acquiring an additional 153,370 shares during the period. Finally, Vanguard Group Inc raised its holdings in shares of Seattle Genetics by 1.7% during the third quarter. Vanguard Group Inc now owns 8,914,184 shares of the biotechnology company’s stock valued at $687,461,000 after acquiring an additional 148,979 shares during the period.

Several analysts recently commented on the stock. Piper Jaffray Companies cut their target price on shares of Seattle Genetics to $64.00 and set a “neutral” rating for the company in a research note on Thursday. BidaskClub raised shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Friday, November 30th. TheStreet lowered shares of Seattle Genetics from a “c” rating to a “d+” rating in a research note on Thursday, October 25th. Zacks Investment Research raised shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Wednesday, January 30th. Finally, Barclays cut their target price on shares of Seattle Genetics from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, October 26th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Seattle Genetics currently has a consensus rating of “Buy” and a consensus price target of $79.75.

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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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Earnings History for Seattle Genetics (NASDAQ:SGEN)

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