Seattle Genetics (NASDAQ:SGEN)‘s stock had its “hold” rating reaffirmed by equities researchers at Cann in a report released on Tuesday.
The analysts wrote, “The PDUFA date for this approval was May 1, 2018; therefore, the approval is six weeks earlier than we had expected. Our outlook for Adcetris has it being launched in the frontline setting in 2019. However, based on the timing of this approval, we believe Adcetris could be launched in the frontline Hodgkin’s lymphoma setting before year- end 2018. Not only is the impact from a launch in this setting in the near-term not in our estimates, but it is also not in the company’s guidance. This could lead to an increase in estimates for H2 2018.””
Several other equities analysts have also issued reports on SGEN. Oppenheimer restated a “hold” rating on shares of Seattle Genetics in a research report on Thursday, December 7th. BidaskClub upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, December 9th. Cantor Fitzgerald set a $50.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research report on Tuesday, December 12th. Cowen reiterated a “hold” rating and issued a $54.00 price objective on shares of Seattle Genetics in a research report on Monday, December 11th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, January 9th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $64.50.
Seattle Genetics (NASDAQ SGEN) traded down $0.87 during trading on Tuesday, hitting $54.86. The stock had a trading volume of 1,226,882 shares, compared to its average volume of 1,198,743. The firm has a market cap of $9,113.79, a price-to-earnings ratio of -62.34 and a beta of 1.96. Seattle Genetics has a 52 week low of $45.31 and a 52 week high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.43) by $0.02. The company had revenue of $129.61 million during the quarter, compared to analyst estimates of $123.99 million. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.39) EPS. sell-side analysts anticipate that Seattle Genetics will post -1.57 earnings per share for the current fiscal year.
In other Seattle Genetics news, insider Vaughn B. Himes sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $58.12, for a total value of $290,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the business’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 value of $936,892.00. The disclosure for this sale can be found here. Insiders sold a total of 71,953 shares of company stock worth $3,833,188 in the last 90 days. Company insiders own 34.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Bank & Trust Co lifted its stake in Seattle Genetics by 43.7% in the 3rd quarter. Capital Bank & Trust Co now owns 834,519 shares of the biotechnology company’s stock valued at $45,406,000 after acquiring an additional 253,753 shares in the last quarter. Creative Planning raised its stake in shares of Seattle Genetics by 22.5% during the 4th quarter. Creative Planning now owns 42,417 shares of the biotechnology company’s stock worth $2,269,000 after purchasing an additional 7,797 shares in the last quarter. South Dakota Investment Council raised its stake 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 purchasing an additional 15,900 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Seattle Genetics during the 3rd quarter worth approximately $291,000. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Seattle Genetics by 31.1% during the 4th quarter. UBS Asset Management Americas Inc. now owns 726,083 shares of the biotechnology company’s stock worth $38,845,000 after purchasing an additional 172,224 shares in the last quarter. Hedge funds and other institutional investors own 93.09% 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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