Seattle Genetics, Inc. (SGEN) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Seattle Genetics, Inc. (NASDAQ:SGEN) from a hold rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $64.00 target price on the biotechnology company’s stock.

According to Zacks, “Seattle Genetics has upped its guidance for 2017 driven by a robust performance of Adcetris in the first half. We are also encouraged by the company’s efforts to expand the drug’s label. The company’s collaboration with Takeda for the global development and commercialization of Adcetris is encouraging. However, dependence on one product – Adcetris– for growth has its inherent risks.The recent label expansion of Merck’s Keytruda in the lymphoma indication is likely to increase competition. Though the company has multiple candidates in its pipeline, most of them are in early stages of development. The company’s shares have underperformed the industry year to date. Estimates have remained stable ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”

SGEN has been the subject of several other research reports. BidaskClub lowered Seattle Genetics from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Jefferies Group LLC restated a buy rating and issued a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, July 27th. Cantor Fitzgerald restated a hold rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. ValuEngine upgraded Seattle Genetics from a sell rating to a hold rating in a research note on Friday, September 1st. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Seattle Genetics in a research note on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $61.00.

Seattle Genetics (NASDAQ SGEN) traded up 2.00% during trading on Tuesday, hitting $58.87. The stock had a trading volume of 216,743 shares. The company’s market cap is $8.42 billion. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The firm’s 50-day moving average price is $53.05 and its 200-day moving average price is $57.64.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The firm had revenue of $108.20 million during the quarter, compared to analyst estimates of $105.92 million. During the same quarter in the previous year, the business earned ($0.23) EPS. Seattle Genetics’s revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts predict that Seattle Genetics will post ($1.69) EPS for the current fiscal year.

TRADEMARK VIOLATION WARNING: “Seattle Genetics, Inc. (SGEN) Upgraded to Buy by Zacks Investment Research” was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this article on another domain, it was stolen and republished in violation of US & international copyright law. The correct version of this article can be viewed at https://ledgergazette.com/2017/10/11/seattle-genetics-inc-sgen-upgraded-to-buy-by-zacks-investment-research.html.

In other news, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Darren S. Cline sold 1,788 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $47.89, for a total value of $85,627.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,929 shares of company stock worth $8,342,308. Insiders own 34.70% of the company’s stock.

Institutional investors have recently modified their holdings of the company. First Manhattan Co. boosted its holdings in shares of Seattle Genetics by 31.3% during the 2nd quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after purchasing an additional 750 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Seattle Genetics by 1,580.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 3,715 shares during the last quarter. DRW Securities LLC acquired a new position in shares of Seattle Genetics during the 2nd quarter worth approximately $207,000. Andra AP fonden acquired a new position in shares of Seattle Genetics during the 2nd quarter worth approximately $212,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Seattle Genetics by 6,835.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,300 shares of the biotechnology company’s stock worth $223,000 after purchasing an additional 4,238 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

About Seattle Genetics

According to Zacks, “Seattle Genetics has upped its guidance for 2017 driven by a robust performance of Adcetris in the first half. We are also encouraged by the company’s efforts to expand the drug’s label. The company’s collaboration with Takeda for the global development and commercialization of Adcetris is encouraging. However, dependence on one product – Adcetris– for growth has its inherent risks.The recent label expansion of Merck’s Keytruda in the lymphoma indication is likely to increase competition. Though the company has multiple candidates in its pipeline, most of them are in early stages of development. The company’s shares have underperformed the industry year to date. Estimates have remained stable ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”

SGEN has been the subject of several other research reports. BidaskClub lowered Seattle Genetics from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Jefferies Group LLC restated a buy rating and issued a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, July 27th. Cantor Fitzgerald restated a hold rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. ValuEngine upgraded Seattle Genetics from a sell rating to a hold rating in a research note on Friday, September 1st. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Seattle Genetics in a research note on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $61.00.

Seattle Genetics (NASDAQ SGEN) traded up 2.00% during trading on Tuesday, hitting $58.87. The stock had a trading volume of 216,743 shares. The company’s market cap is $8.42 billion. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The firm’s 50-day moving average price is $53.05 and its 200-day moving average price is $57.64.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The firm had revenue of $108.20 million during the quarter, compared to analyst estimates of $105.92 million. During the same quarter in the previous year, the business earned ($0.23) EPS. Seattle Genetics’s revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts predict that Seattle Genetics will post ($1.69) EPS for the current fiscal year.

TRADEMARK VIOLATION WARNING: “Seattle Genetics, Inc. (SGEN) Upgraded to Buy by Zacks Investment Research” was originally published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this article on another domain, it was stolen and republished in violation of US & international copyright law. The correct version of this article can be viewed at https://ledgergazette.com/2017/10/11/seattle-genetics-inc-sgen-upgraded-to-buy-by-zacks-investment-research.html.

In other news, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Darren S. Cline sold 1,788 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $47.89, for a total value of $85,627.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,929 shares of company stock worth $8,342,308. Insiders own 34.70% of the company’s stock.

Institutional investors have recently modified their holdings of the company. First Manhattan Co. boosted its holdings in shares of Seattle Genetics by 31.3% during the 2nd quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after purchasing an additional 750 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Seattle Genetics by 1,580.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 3,715 shares during the last quarter. DRW Securities LLC acquired a new position in shares of Seattle Genetics during the 2nd quarter worth approximately $207,000. Andra AP fonden acquired a new position in shares of Seattle Genetics during the 2nd quarter worth approximately $212,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Seattle Genetics by 6,835.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,300 shares of the biotechnology company’s stock worth $223,000 after purchasing an additional 4,238 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

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 is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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