Seattle Genetics Inc. (NASDAQ:SGEN) had its price objective increased by Royal Bank Of Canada from $55.00 to $62.00 in a research note published on Monday. Royal Bank Of Canada currently has an outperform rating on the stock.
Several other equities analysts have also recently weighed in on SGEN. HC Wainwright reiterated a buy rating and set a $65.00 price objective on shares of Seattle Genetics in a report on Monday, June 13th. Credit Suisse Group AG restated a buy rating on shares of Seattle Genetics in a research note on Monday, June 20th. Needham & Company LLC restated a buy rating and issued a $72.00 target price (up previously from $60.00) on shares of Seattle Genetics in a research note on Wednesday, June 29th. Zacks Investment Research upgraded Seattle Genetics from a hold rating to a buy rating and set a $46.00 target price on the stock in a research note on Monday, July 4th. Finally, Cantor Fitzgerald cut Seattle Genetics from a buy rating to a hold rating and set a $43.00 target price on the stock. in a research note on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 53.09 on Monday. The stock has a 50 day moving average of $51.78 and a 200 day moving average of $43.19. Seattle Genetics has a 52 week low of $26.02 and a 52 week high of $57.83. The firm’s market cap is $7.46 billion.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The business had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. During the same quarter in the previous year, the business posted ($0.38) EPS. Seattle Genetics’s revenue for the quarter was up 23.7% on a year-over-year basis. Equities analysts forecast that Seattle Genetics will post ($1.00) earnings per share for the current year.
In other Seattle Genetics news, Director Felix Baker bought 447,311 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The shares were acquired at an average cost of $50.71 per share, with a total value of $22,683,140.81. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CMO Jonathan G. Drachman sold 2,249 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $56.75, for a total value of $127,630.75. Following the transaction, the chief marketing officer now directly owns 115,504 shares in the company, valued at $6,554,852. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services Inc raised its position in shares of Seattle Genetics by 0.4% in the second quarter. Commonwealth Equity Services Inc now owns 5,942 shares of the company’s stock worth $240,000 after buying an additional 25 shares in the last quarter. Fairfield Bush & CO. raised its position in shares of Seattle Genetics by 0.7% in the second quarter. Fairfield Bush & CO. now owns 21,822 shares of the company’s stock worth $882,000 after buying an additional 150 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Seattle Genetics by 0.5% in the second quarter. Brown Advisory Inc. now owns 34,276 shares of the company’s stock worth $1,385,000 after buying an additional 156 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Seattle Genetics by 0.7% in the second quarter. PNC Financial Services Group Inc. now owns 41,287 shares of the company’s stock worth $1,669,000 after buying an additional 292 shares in the last quarter. Finally, Grandfield & Dodd LLC raised its position in shares of Seattle Genetics by 5.4% in the second quarter. Grandfield & Dodd LLC now owns 8,001 shares of the company’s stock worth $323,000 after buying an additional 413 shares in the last quarter. 97.93% of the stock is currently owned by hedge funds and other 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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