Seattle Genetics (NASDAQ:SGEN) has been assigned a $50.00 price target by stock analysts at Cantor Fitzgerald in a research note issued to investors on Tuesday. The brokerage presently has a “hold” rating on the biotechnology company’s stock. Cantor Fitzgerald’s price objective indicates a potential downside of 5.12% from the stock’s current price.
A number of other research analysts have also issued reports on SGEN. Cann reiterated a “hold” rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. ValuEngine raised shares of Seattle Genetics from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Oppenheimer reissued a “hold” rating on shares of Seattle Genetics in a report on Friday, September 8th. Jefferies Group reissued a “buy” rating and set a $53.00 price objective on shares of Seattle Genetics in a report on Thursday, September 14th. Finally, Royal Bank of Canada initiated coverage on shares of Seattle Genetics in a report on Thursday, September 14th. They set an “outperform” rating and a $58.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $63.76.
Seattle Genetics (NASDAQ:SGEN) traded down $3.01 during midday trading on Tuesday, reaching $52.70. 563,144 shares of the company’s stock were exchanged, compared to its average volume of 974,472. Seattle Genetics has a one year low of $45.31 and a one year high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The business had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same period in the previous year, the business posted ($0.23) earnings per share. The business’s revenue was up 27.3% compared to the same quarter last year. equities research analysts anticipate that Seattle Genetics will post -0.93 EPS for the current year.
In other Seattle Genetics news, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $61.18, for a total value of $1,152,141.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric Dobmeier sold 35,000 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $58.25, for a total transaction of $2,038,750.00. The disclosure for this sale can be found here. Insiders sold 157,210 shares of company stock worth $9,273,250 in the last ninety days. Insiders own 34.70% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in SGEN. Manning & Napier Advisors LLC purchased a new position in shares of Seattle Genetics during the third quarter valued at approximately $140,098,000. Capital International Investors increased its position in Seattle Genetics by 63.7% during the third quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock worth $242,682,000 after purchasing an additional 1,735,657 shares during the last quarter. Janus Henderson Group PLC increased its position in Seattle Genetics by 8,672.2% during the second quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock worth $36,460,000 after purchasing an additional 696,640 shares during the last quarter. Pictet Asset Management Ltd. increased its position in Seattle Genetics by 79.3% during the third quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock worth $68,906,000 after purchasing an additional 560,110 shares during the last quarter. Finally, Capital Guardian Trust Co. increased its position in Seattle Genetics by 82.2% during the third quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock worth $57,909,000 after purchasing an additional 480,044 shares during the last quarter. 98.94% 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 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).
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