Seattle Genetics (NASDAQ:SGEN) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Wednesday. The firm currently has a $60.00 price objective on the biotechnology company’s stock. JPMorgan Chase & Co.’s price target suggests a potential upside of 9.39% from the stock’s current price.
A number of other brokerages also recently weighed in on SGEN. Barclays upgraded shares of Seattle Genetics from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $60.00 to $70.00 in a research report on Friday, October 20th. SunTrust Banks set a $52.00 price target on shares of Seattle Genetics and gave the company a “hold” rating in a research report on Friday, October 27th. Cowen reiterated a “hold” rating on shares of Seattle Genetics in a research report on Sunday, October 29th. Morgan Stanley increased their price target on shares of Seattle Genetics from $64.00 to $69.00 and gave the company an “overweight” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research upgraded shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the stock. Seattle Genetics has a consensus rating of “Hold” and a consensus target price of $64.25.
Shares of Seattle Genetics (SGEN) opened at $54.85 on Wednesday. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.02. The business had revenue of $129.61 million for the quarter, compared to the consensus estimate of $123.99 million. Seattle Genetics had a negative net margin of 26.03% and a negative return on equity of 33.36%. Seattle Genetics’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the company posted ($0.39) EPS. equities analysts expect that Seattle Genetics will post -1.59 earnings per share for the current fiscal year.
In other Seattle Genetics news, insider Clay B. Siegall sold 18,832 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.75, for a total transaction of $936,892.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Vaughn B. Himes sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $59.97, for a total transaction of $599,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 70,225 shares of company stock worth $3,772,766 over the last 90 days. Corporate insiders own 34.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Bank & Trust Co raised its holdings in shares of Seattle Genetics by 43.7% in the third 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 last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Seattle Genetics by 6.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock valued at $2,080,000 after purchasing an additional 2,500 shares during the last quarter. South Dakota Investment Council raised its holdings in shares of Seattle Genetics by 46.8% in the third quarter. South Dakota Investment Council now owns 49,900 shares of the biotechnology company’s stock valued at $2,715,000 after purchasing an additional 15,900 shares during the last quarter. Bristlecone Advisors LLC acquired a new stake in shares of Seattle Genetics in the third quarter valued at approximately $180,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Seattle Genetics in the third quarter valued at approximately $291,000. Institutional investors own 91.60% of the company’s stock.
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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).
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