Zacks: Brokerages Anticipate Seattle Genetics, Inc. (NASDAQ:SGEN) Will Announce Quarterly Sales of $223.50 Million

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Wall Street analysts expect that Seattle Genetics, Inc. (NASDAQ:SGEN) will report sales of $223.50 million for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Seattle Genetics’ earnings. The highest sales estimate is $236.36 million and the lowest is $216.78 million. Seattle Genetics posted sales of $174.51 million during the same quarter last year, which would indicate a positive year over year growth rate of 28.1%. The firm is expected to issue its next earnings results on Thursday, February 6th.

On average, analysts expect that Seattle Genetics will report full year sales of $850.35 million for the current fiscal year, with estimates ranging from $843.69 million to $863.27 million. For the next fiscal year, analysts expect that the business will report sales of $1.04 billion, with estimates ranging from $926.05 million to $1.14 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Seattle Genetics.

Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.19). Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. The business had revenue of $213.26 million during the quarter, compared to the consensus estimate of $211.85 million. During the same quarter in the previous year, the business posted ($0.42) earnings per share. Seattle Genetics’s quarterly revenue was up 25.9% compared to the same quarter last year.

Several research firms recently commented on SGEN. Piper Jaffray Companies lifted their price objective on Seattle Genetics to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC set a $121.00 price objective on Seattle Genetics and gave the stock a “buy” rating in a report on Monday, October 21st. Guggenheim lifted their price objective on Seattle Genetics from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. ValuEngine raised Seattle Genetics from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Finally, BTIG Research started coverage on Seattle Genetics in a research report on Monday, August 26th. They issued a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $103.73.

In other Seattle Genetics news, CEO Clay B. Siegall sold 28,472 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $68.33, for a total value of $1,945,491.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jean I. Liu sold 6,013 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $73.22, for a total value of $440,271.86. The disclosure for this sale can be found here. Insiders sold 181,250 shares of company stock worth $14,680,432 over the last three months. Insiders own 33.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of SGEN. CSat Investment Advisory L.P. purchased a new position in shares of Seattle Genetics during the 2nd quarter valued at about $27,000. NEXT Financial Group Inc lifted its position in shares of Seattle Genetics by 333.3% during the 3rd quarter. NEXT Financial Group Inc now owns 325 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 250 shares in the last quarter. BSW Wealth Partners purchased a new position in shares of Seattle Genetics during the 2nd quarter valued at about $29,000. Usca Ria LLC purchased a new position in shares of Seattle Genetics during the 3rd quarter valued at about $34,000. Finally, Quadrant Capital Group LLC lifted its position in shares of Seattle Genetics by 215.4% during the 3rd quarter. Quadrant Capital Group LLC now owns 511 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 349 shares in the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ SGEN traded up $2.15 during trading hours on Friday, hitting $117.88. The company’s stock had a trading volume of 1,497,300 shares, compared to its average volume of 936,013. Seattle Genetics has a 12 month low of $51.50 and a 12 month high of $118.31. The company’s 50 day simple moving average is $96.69 and its two-hundred day simple moving average is $77.56. The company has a market cap of $19.67 billion, a P/E ratio of -71.44 and a beta of 2.00.

About Seattle Genetics

Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.

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