Seattle Genetics Inc. (SGEN) Hits New 12-Month High After Analyst Upgrade
Shares of Seattle Genetics Inc. (NASDAQ:SGEN) reached a new 52-week high during trading on Monday after Royal Bank Of Canada raised their price target on the stock from $55.00 to $62.00. Royal Bank Of Canada currently has an outperform rating on the stock. Seattle Genetics traded as high as $57.36 and last traded at $57.22, with a volume of 352,218 shares traded. The stock had previously closed at $55.18.
A number of other brokerages have also commented on SGEN. HC Wainwright reissued a “buy” rating and set a $65.00 price objective on shares of Seattle Genetics in a report on Monday, June 13th. Credit Suisse Group AG reissued a “buy” rating on shares of Seattle Genetics in a report on Monday, June 20th. Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective (up previously from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. Zacks Investment Research raised shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Monday, July 4th. Finally, Cantor Fitzgerald lowered shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $50.79.
In other Seattle Genetics news, insider Clay B. Siegall sold 11,660 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $47.19, for a total transaction of $550,235.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Felix Baker bought 447,311 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were bought at an average price of $50.71 per share, for a total transaction of $22,683,140.81. The disclosure for this purchase can be found here. 33.30% of the stock is currently owned by corporate insiders.
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A number of hedge funds have recently made changes to their positions in the company. State Street Corp increased 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 during the period. BlackRock Group LTD increased its stake in shares of Seattle Genetics by 18.4% in the first quarter. BlackRock Group LTD now owns 102,261 shares of the company’s stock valued at $3,589,000 after buying an additional 15,873 shares during the period. BlackRock Inc. increased its stake in shares of Seattle Genetics by 283.9% in the first quarter. BlackRock Inc. now owns 11,654 shares of the company’s stock valued at $408,000 after buying an additional 8,618 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of Seattle Genetics by 17.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 179,627 shares of the company’s stock valued at $7,258,000 after buying an additional 26,935 shares during the period. Finally, Emerald Acquisition Ltd. bought a new stake in shares of Seattle Genetics during the second quarter valued at approximately $16,220,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.
The company has a 50 day moving average of $51.03 and a 200 day moving average of $42.76. The company’s market cap is $8.04 billion.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. The company had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.38) earnings per share. Analysts anticipate that Seattle Genetics Inc. will post ($1.00) earnings per share for the current fiscal year.
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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