Seattle Genetics, Inc. (NASDAQ:SGEN)’s share price was down 3% during trading on Wednesday following insider selling activity. The company traded as low as $54.25 and last traded at $54.30, with a volume of 310,502 shares. The stock had previously closed at $55.99.
Specifically, insider Clay B. Siegall sold 14,465 shares of the company’s stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $54.41, for a total value of $787,040.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Jonathan G. Drachman sold 2,249 shares of the company’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 completion of the transaction, the chief marketing officer now owns 115,504 shares of the company’s stock, valued at $6,554,852. The disclosure for this sale can be found here. 33.30% of the stock is owned by company insiders.
Several research analysts have weighed in on SGEN shares. Royal Bank Of Canada upped their price target on Seattle Genetics from $55.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday. Morgan Stanley began coverage on Seattle Genetics in a research report on Wednesday, September 7th. They set an “overweight” rating and a $60.00 target price for the company. Barclays PLC increased their target price on Seattle Genetics from $48.00 to $53.00 and gave the company an “overweight” rating in a research report on Wednesday, July 27th. Credit Suisse Group AG reiterated a “buy” rating on shares of Seattle Genetics in a research report on Tuesday, July 12th. Finally, Leerink Swann increased their target price on Seattle Genetics from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Monday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $51.53.
The company’s 50-day moving average is $51.63 and its 200 day moving average is $43.12. The stock’s market cap is $7.60 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, topping the Zacks’ consensus estimate of ($0.32) by $0.09. The company had revenue of $95.40 million for the quarter, compared to analyst estimates of $94.56 million. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.38) earnings per share. Equities research analysts forecast that Seattle Genetics, Inc. will post ($1.00) EPS for the current year.
Several institutional investors have recently made changes to their positions in the stock. Bristlecone Advisors LLC acquired a new position in shares of Seattle Genetics during the third quarter valued at approximately $227,000. Cupps Capital Management LLC acquired a new position in shares of Seattle Genetics during the third quarter valued at approximately $919,000. Perigon Wealth Management LLC acquired a new position in shares of Seattle Genetics during the second quarter valued at approximately $1,212,000. Calvert Investment Management Inc. acquired a new position in shares of Seattle Genetics during the second quarter valued at approximately $250,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Seattle Genetics by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 252,113 shares of the company’s stock valued at $10,188,000 after buying an additional 14,580 shares during the period. 97.93% of the stock is currently owned by institutional investors and hedge funds.
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).
Receive News & Ratings for Seattle Genetics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seattle Genetics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.