Seattle Genetics (SGEN) Downgraded to “Sell” at BidaskClub

Seattle Genetics (NASDAQ:SGEN) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Saturday, January 13th.

A number of other research firms also recently issued reports on SGEN. Barclays upgraded shares of Seattle Genetics from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $70.00 in a report on Friday, October 20th. Zacks Investment Research downgraded shares of Seattle Genetics from a “buy” rating to a “hold” rating in a report on Monday, October 16th. SunTrust Banks set a $52.00 price objective on shares of Seattle Genetics and gave the company a “hold” rating in a report on Friday, October 27th. Cowen restated a “hold” rating on shares of Seattle Genetics in a report on Sunday, October 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Seattle Genetics from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $63.76.

Shares of Seattle Genetics (SGEN) opened at $53.48 on Friday. Seattle Genetics has a 1 year low of $45.31 and a 1 year high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, topping the consensus estimate 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 quarter last year, the firm earned ($0.23) EPS. Seattle Genetics’s quarterly revenue was up 27.3% compared to the same quarter last year. analysts anticipate that Seattle Genetics will post -0.93 earnings per share for the current year.

In other Seattle Genetics news, COO Eric Dobmeier sold 35,000 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $58.25, for a total transaction of $2,038,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $58.00, for a total transaction of $1,092,256.00. The disclosure for this sale can be found here. Insiders sold 157,210 shares of company stock valued at $9,094,911 in the last ninety days. 34.70% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Capital Bank & Trust Co increased its position in Seattle Genetics by 43.7% during the 3rd quarter. Capital Bank & Trust Co now owns 834,519 shares of the biotechnology company’s stock valued at $45,406,000 after purchasing an additional 253,753 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Seattle Genetics by 6.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after buying an additional 2,500 shares in the last quarter. South Dakota Investment Council boosted its holdings in shares of Seattle Genetics by 46.8% during the 3rd quarter. South Dakota Investment Council now owns 49,900 shares of the biotechnology company’s stock worth $2,715,000 after buying an additional 15,900 shares in the last quarter. Bristlecone Advisors LLC bought a new position in shares of Seattle Genetics during the 3rd quarter worth approximately $180,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Seattle Genetics during the 3rd quarter worth approximately $291,000. 98.89% of the stock is owned by institutional investors and hedge funds.

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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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