Seattle Genetics Inc. (SGEN) Price Target Increased to $62.00 by Analysts at Royal Bank Of Canada
Seattle Genetics Inc. (NASDAQ:SGEN) had its target price lifted by equities research analysts at Royal Bank Of Canada from $55.00 to $62.00 in a research note issued to investors on Monday. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 12.36% from the stock’s current price.
Several other equities research analysts have also recently weighed in on SGEN. Barclays PLC increased their price objective on shares of Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 27th. Cantor Fitzgerald cut shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research report on Wednesday, July 27th. Leerink Swann increased their price objective on shares of Seattle Genetics from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, August 1st. RBC Capital Markets reiterated an “outperform” rating on shares of Seattle Genetics in a research report on Wednesday, July 27th. Finally, SunTrust Banks Inc. increased their price objective on shares of Seattle Genetics from $34.00 to $38.00 and gave the stock a “neutral” rating in a research report 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 given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $50.79.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 55.18 on Monday. The firm’s market capitalization is $7.75 billion. The firm has a 50-day moving average of $51.03 and a 200 day moving average of $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 results on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The firm earned $95.40 million during the quarter, compared to analysts’ expectations of $94.56 million. During the same period in the prior year, the company posted ($0.38) EPS. The company’s revenue was up 23.7% on a year-over-year basis. On average, equities analysts predict that Seattle Genetics will post ($1.00) earnings per share for the current fiscal year.
In other news, Director Felix Baker purchased 447,311 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The shares were bought at an average cost of $50.71 per share, with a total value of $22,683,140.81. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Jonathan G. Drachman sold 2,249 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total transaction of $127,630.75. Following the transaction, the chief marketing officer now directly owns 115,504 shares in the company, valued at $6,554,852. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock worth $145,000 after buying an additional 981 shares during the last quarter. HighTower Advisors LLC purchased a new position in Seattle Genetics during the second quarter worth $206,000. Carl Domino Inc purchased a new position in Seattle Genetics during the second quarter worth $218,000. Levin Capital Strategies L.P. purchased a new position in Seattle Genetics during the second quarter worth $218,000. Finally, Capstone Asset Management Co. purchased a new position in Seattle Genetics during the second quarter worth $222,000. 97.93% of the stock is currently owned by institutional investors.
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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