Leerink Swann reissued their outperform rating on shares of Seattle Genetics Inc. (NASDAQ:SGEN) in a research report sent to investors on Monday. They currently have a $62.00 price target on the stock.
SGEN has been the topic of a number of other reports. Morgan Stanley initiated coverage on Seattle Genetics in a report on Wednesday, September 7th. They set an overweight rating and a $60.00 price target on the stock. Goldman Sachs Group Inc. cut Seattle Genetics from a neutral rating to a sell rating in a report on Friday, September 16th. Needham & Company LLC reissued a buy rating and set a $72.00 price target (up from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. Credit Suisse Group AG reissued a buy rating on shares of Seattle Genetics in a report on Tuesday, July 12th. Finally, HC Wainwright reissued a buy rating and set a $65.00 price target on shares of Seattle Genetics in a report on Monday, June 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Seattle Genetics currently 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 stock has a 50 day moving average price of $51.78 and a 200-day moving average price of $43.19. Seattle Genetics has a 1-year low of $26.02 and a 1-year high of $57.83. The company’s market cap is $7.46 billion.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, July 26th. The company reported ($0.23) EPS for the quarter, topping the Zacks’ 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 company had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. During the same period last year, the firm earned ($0.38) EPS. Seattle Genetics’s revenue for the quarter was up 23.7% compared to the same quarter last year. Equities research analysts forecast that Seattle Genetics will post ($1.00) earnings per share for the current year.
In other Seattle Genetics news, CMO Jonathan G. Drachman sold 2,249 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total value of $127,630.75. Following the completion of the sale, the chief marketing officer now owns 115,504 shares of the company’s stock, valued at $6,554,852. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Clay B. Siegall sold 4,042 shares of the firm’s stock in a transaction dated 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. 33.30% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased 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 valued at $145,000 after buying an additional 981 shares during the last quarter. First National Bank of Omaha purchased a new stake in shares of Seattle Genetics during the third quarter valued at about $201,000. HighTower Advisors LLC purchased a new stake in shares of Seattle Genetics during the second quarter valued at about $206,000. Carl Domino Inc purchased a new stake in shares of Seattle Genetics during the second quarter valued at about $218,000. Finally, Levin Capital Strategies L.P. purchased a new stake in shares of Seattle Genetics during the second quarter valued at about $218,000. 97.93% of the stock is owned by institutional investors and hedge funds.
About Seattle Genetics
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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