Seattle Genetics Inc. (SGEN) Rating Reiterated by RBC Capital Markets
Seattle Genetics Inc. (NASDAQ:SGEN)‘s stock had its “outperform” rating reissued by investment analysts at RBC Capital Markets in a report issued on Monday. They currently have a $62.00 price target on the stock, up from their previous price target of $55.00. RBC Capital Markets’ price objective suggests a potential upside of 8.30% from the company’s current price.
SGEN has been the topic of a number of other reports. Morgan Stanley started coverage on shares of Seattle Genetics in a report on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 price target on the stock. Leerink Swann reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Seattle Genetics in a research report on Friday, September 16th. Goldman Sachs Group Inc. lowered shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a research report on Friday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective (up from $60.00) on shares of Seattle Genetics in a research report on Wednesday, June 29th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Seattle Genetics in a research report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $51.53.
Seattle Genetics (NASDAQ:SGEN) traded up 3.75% during trading on Monday, hitting $57.25. 678,691 shares of the company’s stock were exchanged. Seattle Genetics has a 12-month low of $26.02 and a 12-month high of $57.50. The company’s 50-day moving average price is $51.03 and its 200 day moving average price is $42.76. The firm’s market cap is $8.04 billion.
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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, beating analysts’ consensus estimates 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 business had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. During the same period last year, the business earned ($0.38) EPS. The company’s revenue was up 23.7% compared to the same quarter last year. Equities analysts forecast that Seattle Genetics will post ($1.00) earnings per share for the current fiscal year.
In related news, CMO Jonathan G. Drachman sold 2,249 shares of Seattle Genetics stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total value of $127,630.75. Following the sale, the chief marketing officer now owns 115,504 shares of the company’s stock, valued at approximately $6,554,852. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vaughn B. Himes sold 3,991 shares of Seattle Genetics stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total transaction of $185,940.69. The disclosure for this sale can be found here. Insiders own 33.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA boosted its stake in Seattle Genetics by 14.4% in the first quarter. Glenmede Trust Co. NA now owns 9,048 shares of the company’s stock worth $317,000 after buying an additional 1,136 shares in the last quarter. Aperio Group LLC boosted its stake in Seattle Genetics by 43.7% in the first quarter. Aperio Group LLC now owns 20,938 shares of the company’s stock worth $735,000 after buying an additional 6,370 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Seattle Genetics by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 309,512 shares of the company’s stock worth $10,861,000 after buying an additional 2,858 shares in the last quarter. BlackRock Inc. boosted its stake in Seattle Genetics by 283.9% in the first quarter. BlackRock Inc. now owns 11,654 shares of the company’s stock worth $408,000 after buying an additional 8,618 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in Seattle Genetics by 18.4% in the first quarter. BlackRock Group LTD now owns 102,261 shares of the company’s stock worth $3,589,000 after buying an additional 15,873 shares in the last quarter. 97.93% of the stock is currently owned by hedge funds and other 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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