Analysts Anticipate Seattle Genetics, Inc. (NASDAQ:SGEN) Will Post Quarterly Sales of $223.50 Million

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Wall Street analysts expect that Seattle Genetics, Inc. (NASDAQ:SGEN) will announce $223.50 million in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Seattle Genetics’ earnings, with estimates ranging from $216.78 million to $236.36 million. Seattle Genetics posted sales of $174.51 million during the same quarter last year, which suggests a positive year-over-year growth rate of 28.1%. The firm is expected to report its next quarterly earnings results on Thursday, February 6th.

According to Zacks, analysts expect that Seattle Genetics will report full year sales of $850.86 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 $1.07 billion, with estimates ranging from $926.05 million to $1.28 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Seattle Genetics.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $213.26 million during the quarter, compared to analysts’ expectations of $211.85 million. During the same period in the prior year, the business posted ($0.42) earnings per share. The company’s revenue for the quarter was up 25.9% on a year-over-year basis.

Several equities research analysts have recently commented on the stock. BidaskClub cut shares of Seattle Genetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. HC Wainwright reaffirmed a “buy” rating and issued a $140.00 target price on shares of Seattle Genetics in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 target price on shares of Seattle Genetics in a research report on Thursday. Leerink Swann raised their target price on shares of Seattle Genetics from $102.00 to $120.00 and gave the stock a “positive” rating in a research report on Tuesday, October 22nd. Finally, Guggenheim raised their target price on shares of Seattle Genetics from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Seattle Genetics presently has a consensus rating of “Buy” and a consensus target price of $109.00.

Shares of NASDAQ:SGEN traded up $1.61 on Monday, hitting $113.87. The company had a trading volume of 1,001,426 shares, compared to its average volume of 1,126,681. The firm’s 50-day simple moving average is $112.83 and its two-hundred day simple moving average is $83.93. Seattle Genetics has a 1 year low of $51.50 and a 1 year high of $122.36.

In related news, insider Roger D. Dansey sold 3,000 shares of Seattle Genetics stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $73.80, for a total transaction of $221,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clay B. Siegall sold 28,472 shares of Seattle Genetics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $114.56, for a total transaction of $3,261,752.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 236,348 shares of company stock valued at $22,863,042. 33.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its holdings in Seattle Genetics by 1,726.2% in the second quarter. Point72 Asset Management L.P. now owns 664,000 shares of the biotechnology company’s stock worth $45,955,000 after buying an additional 627,640 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Seattle Genetics by 3,853.6% in the second quarter. Nuveen Asset Management LLC now owns 546,315 shares of the biotechnology company’s stock worth $37,811,000 after buying an additional 532,497 shares during the last quarter. Invesco Ltd. raised its holdings in Seattle Genetics by 208.4% in the second quarter. Invesco Ltd. now owns 349,613 shares of the biotechnology company’s stock worth $24,197,000 after buying an additional 236,258 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Seattle Genetics by 275.8% in the second quarter. DekaBank Deutsche Girozentrale now owns 216,959 shares of the biotechnology company’s stock worth $14,635,000 after buying an additional 159,234 shares during the last quarter. Finally, Waddell & Reed Financial Inc. raised its holdings in Seattle Genetics by 17.8% in the second quarter. Waddell & Reed Financial Inc. now owns 1,005,909 shares of the biotechnology company’s stock worth $69,619,000 after buying an additional 151,877 shares during the last quarter. 96.59% of the stock is owned by institutional investors.

Seattle Genetics Company Profile

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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