RBC Capital Markets reaffirmed their outperform rating on shares of Seattle Genetics Inc. (NASDAQ:SGEN) in a report published on Monday. RBC Capital Markets currently has a $62.00 target price on the stock, up from their prior target price of $55.00.
Other equities research analysts also recently issued reports about the stock. Leerink Swann reiterated a buy rating and set a $62.00 price objective on shares of Seattle Genetics in a research note on Friday, September 16th. Credit Suisse Group AG reiterated a buy rating on shares of Seattle Genetics in a research note on Tuesday, July 12th. Zacks Investment Research upgraded shares of Seattle Genetics from a hold rating to a buy rating and set a $46.00 price objective for the company in a research note on Monday, July 4th. Needham & Company LLC reiterated a buy rating and set a $72.00 price objective (up from $60.00) on shares of Seattle Genetics in a research note on Wednesday, June 29th. Finally, HC Wainwright reiterated a buy rating and set a $65.00 price objective on shares of Seattle Genetics in a research note on Monday, June 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 53.09 on Monday. The firm’s market capitalization is $7.46 billion. The company’s 50-day moving average is $51.78 and its 200 day moving average is $43.19. Seattle Genetics has a 52 week low of $26.02 and a 52 week high of $57.83.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The firm earned $95.40 million during the quarter, compared to the consensus estimate of $94.56 million. During the same period in the previous year, the firm earned ($0.38) earnings per share. Seattle Genetics’s revenue was up 23.7% compared to the same quarter last year. Analysts anticipate that Seattle Genetics will post ($1.00) EPS for the current fiscal year.
In other Seattle Genetics news, Director Felix Baker bought 447,311 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were bought at an average cost of $50.71 per share, with a total value of $22,683,140.81. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clay B. Siegall sold 4,042 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total transaction of $182,698.40. The disclosure for this sale can be found here. Company insiders own 33.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock worth $145,000 after buying an additional 981 shares during the period. First National Bank of Omaha acquired a new stake in shares of Seattle Genetics during the third quarter worth $201,000. HighTower Advisors LLC acquired a new stake in shares of Seattle Genetics during the second quarter worth $206,000. Carl Domino Inc acquired a new stake in shares of Seattle Genetics during the second quarter worth $218,000. Finally, Levin Capital Strategies L.P. acquired a new stake in shares of Seattle Genetics during the second quarter worth $218,000. 97.93% of the stock is currently owned by institutional investors.
Seattle Genetics Company Profile
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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