Seattle Genetics Inc. (SGEN) Trading 2.2% Higher
Seattle Genetics Inc. (NASDAQ:SGEN) shares traded up 2.2% on Tuesday . The company traded as high as $55.73 and last traded at $55.25, with a volume of 362,715 shares trading hands. The stock had previously closed at $54.08.
A number of research analysts have weighed in on the company. Leerink Swann restated a “buy” rating and issued a $62.00 price target on shares of Seattle Genetics in a research note on Friday. Goldman Sachs Group Inc. downgraded Seattle Genetics from a “neutral” rating to a “sell” rating in a research note on Friday. Morgan Stanley began coverage on Seattle Genetics in a research note on Wednesday, September 7th. They set an “overweight” rating and a $60.00 target price for the company. RBC Capital Markets reiterated an “outperform” rating on shares of Seattle Genetics in a research note on Wednesday, July 27th. Finally, Barclays PLC lifted their target price on Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $49.92.
The stock’s 50 day moving average is $47.83 and its 200-day moving average is $40.66. The stock’s market capitalization is $7.70 billion.
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Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The business had revenue of $95.40 million for the quarter, compared to the consensus estimate of $94.56 million. During the same period in the prior year, the business earned ($0.38) EPS. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. Analysts predict that Seattle Genetics Inc. will post ($1.00) earnings per share for the current fiscal year.
In other news, insider Clay B. Siegall sold 4,042 shares of the stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total value of $182,698.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric Dobmeier sold 22,918 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $54.04, for a total value of $1,238,488.72. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock valued at $145,000 after buying an additional 981 shares during the period. HighTower Advisors LLC bought a new stake in shares of Seattle Genetics during the second quarter valued at approximately $206,000. Carl Domino Inc bought a new stake in shares of Seattle Genetics during the second quarter valued at approximately $218,000. Levin Capital Strategies L.P. bought a new stake in shares of Seattle Genetics during the second quarter valued at approximately $218,000. Finally, Capstone Asset Management Co. bought a new stake in shares of Seattle Genetics during the second quarter valued at approximately $222,000. 97.93% of the stock is owned by hedge funds and other institutional investors.
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’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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