Seattle Genetics Inc. (SGEN) Stock Rating Reaffirmed by Leerink Swann
Seattle Genetics Inc. (NASDAQ:SGEN)‘s stock had its “outperform” rating restated by equities researchers at Leerink Swann in a report released on Monday. They currently have a $62.00 price target on the stock. Leerink Swann’s price target would indicate a potential upside of 12.36% from the stock’s previous close.
Several other brokerages also recently issued reports on SGEN. Royal Bank Of Canada increased their price target on Seattle Genetics from $55.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday. Barclays PLC increased their price target on Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 27th. Cantor Fitzgerald downgraded Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a report on Wednesday, July 27th. RBC Capital Markets restated an “outperform” rating on shares of Seattle Genetics in a report on Wednesday, July 27th. Finally, SunTrust Banks Inc. increased their price target on Seattle Genetics from $34.00 to $38.00 and gave the stock a “neutral” rating in a 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 stock. The stock has a consensus rating of “Hold” and an average target price of $50.79.
Shares of Seattle Genetics (NASDAQ:SGEN) traded up 3.93% on Monday, hitting $57.35. The company had a trading volume of 307,963 shares. The firm’s market capitalization is $8.06 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 12-month low of $26.02 and a 12-month high of $57.36.
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Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Tuesday, July 26th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. The business earned $95.40 million during the quarter, compared to the consensus estimate of $94.56 million. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm’s revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.38) earnings per share. On average, equities analysts predict that Seattle Genetics will post ($1.00) EPS for the current year.
In other news, insider Clay B. Siegall sold 4,042 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric Dobmeier sold 5,411 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were 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. Corporate insiders own 33.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA boosted its stake in Seattle Genetics by 5.5% in the first quarter. Primecap Management Co. CA now owns 13,589,187 shares of the company’s stock worth $476,845,000 after buying an additional 707,012 shares during the last quarter. Vanguard Group Inc. boosted its stake in Seattle Genetics by 2.6% in the second quarter. Vanguard Group Inc. now owns 7,110,502 shares of the company’s stock worth $287,335,000 after buying an additional 178,403 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Seattle Genetics by 7.1% in the first quarter. BlackRock Fund Advisors now owns 2,896,247 shares of the company’s stock worth $101,629,000 after buying an additional 190,779 shares during the last quarter. State Street Corp boosted its stake in Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock worth $81,406,000 after buying an additional 358,297 shares during the last quarter. Finally, Redmile Group LLC boosted its stake in Seattle Genetics by 42.4% in the second quarter. Redmile Group LLC now owns 1,381,477 shares of the company’s stock worth $55,825,000 after buying an additional 411,356 shares during the last quarter. 97.93% of the stock is 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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