Royal Bank Of Canada Increases Seattle Genetics Inc. (SGEN) Price Target to $62.00
Seattle Genetics Inc. (NASDAQ:SGEN) had its price objective upped by research analysts at Royal Bank Of Canada from $55.00 to $62.00 in a report released on Monday. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 12.36% from the company’s previous close.
Several other equities research analysts have also weighed in on the company. Leerink Swann reissued a “buy” rating and issued a $62.00 price objective on shares of Seattle Genetics in a report on Friday, September 16th. Goldman Sachs Group Inc. lowered Seattle Genetics from a “neutral” rating to a “sell” rating in a report on Friday, September 16th. Morgan Stanley assumed coverage on Seattle Genetics in a report on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 price objective for the company. RBC Capital Markets restated an “outperform” rating on shares of Seattle Genetics in a research note on Wednesday, July 27th. Finally, Barclays PLC raised 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 equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $50.79.
Seattle Genetics (NASDAQ:SGEN) opened at 55.18 on Monday. The firm’s market capitalization is $7.75 billion. The company’s 50-day moving average is $51.03 and its 200-day moving average is $42.76. Seattle Genetics has a 52-week low of $26.02 and a 52-week high of $57.23.
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Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate 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 company earned $95.40 million during the quarter, compared to analyst estimates of $94.56 million. During the same quarter last year, the firm posted ($0.38) EPS. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. Analysts forecast that Seattle Genetics will post ($1.00) EPS for the current fiscal year.
In other Seattle Genetics news, insider Clay B. Siegall sold 4,042 shares of the company’s 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Eric Dobmeier sold 5,411 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $46.59, for a total value of $252,098.49. The disclosure for this sale can be found here. 33.30% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Primecap Management Co. CA raised its stake in shares of Seattle Genetics by 5.5% in the first quarter. Primecap Management Co. CA now owns 13,589,187 shares of the company’s stock valued at $476,845,000 after buying an additional 707,012 shares in the last quarter. Redmile Group LLC raised its stake in shares of Seattle Genetics by 42.4% in the second quarter. Redmile Group LLC now owns 1,381,477 shares of the company’s stock valued at $55,825,000 after buying an additional 411,356 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Seattle Genetics during the second quarter valued at about $16,220,000. State Street Corp raised its stake in shares of Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock valued at $81,406,000 after buying an additional 358,297 shares in the last quarter. Finally, Blue Jay Capital Management LLC purchased a new stake in shares of Seattle Genetics during the second quarter valued at about $13,272,000. 97.93% of the stock is owned by institutional investors and hedge funds.
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’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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