Seattle Genetics Inc. (SGEN) Stock Rating Reaffirmed 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 note issued to investors on Monday. They currently have a $62.00 target price on the stock, up from their prior target price of $55.00. RBC Capital Markets’ target price would suggest a potential upside of 8.30% from the stock’s previous close.
A number of other analysts also recently weighed in on the stock. Leerink Swann reaffirmed an “outperform” rating and set a $62.00 price target on shares of Seattle Genetics in a report on Monday. Royal Bank Of Canada upped their price target on shares of Seattle Genetics from $55.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday. Goldman Sachs Group Inc. downgraded shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a report on Friday, September 16th. Morgan Stanley assumed coverage on shares of Seattle Genetics in a report on Wednesday, September 7th. They set an “overweight” rating and a $60.00 price target for the company. Finally, Barclays PLC upped their price target on shares of Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $51.53.
Seattle Genetics (NASDAQ:SGEN) traded up 3.75% during mid-day trading on Monday, reaching $57.25. 678,691 shares of the company’s stock were exchanged. The firm’s market cap is $8.04 billion. The stock has a 50-day moving average of $51.37 and a 200-day moving average of $43.02. Seattle Genetics has a 12 month low of $26.02 and a 12 month high of $57.50.
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Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping the Zacks’ 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 company earned $95.40 million during the quarter, compared to the consensus estimate of $94.56 million. During the same quarter in the prior year, the firm posted ($0.38) EPS. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. Analysts anticipate that Seattle Genetics will post ($1.00) earnings per share for the current year.
In other news, CMO Jonathan G. Drachman sold 2,249 shares of the stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total transaction of $127,630.75. Following the completion of the sale, the chief marketing officer now directly owns 115,504 shares in the company, valued at $6,554,852. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Felix Baker acquired 447,311 shares of the firm’s stock in a transaction dated Tuesday, September 13th. The shares were purchased at an average price of $50.71 per share, with a total value of $22,683,140.81. The disclosure for this purchase can be found here. Insiders own 33.30% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Commonwealth Equity Services Inc boosted its stake in Seattle Genetics by 0.4% in the second quarter. Commonwealth Equity Services Inc now owns 5,942 shares of the company’s stock valued at $240,000 after buying an additional 25 shares during the period. Fairfield Bush & CO. boosted its stake in Seattle Genetics by 0.7% in the second quarter. Fairfield Bush & CO. now owns 21,822 shares of the company’s stock worth $882,000 after buying an additional 150 shares during the last quarter. Brown Advisory Inc. boosted its stake in Seattle Genetics by 0.5% in the second quarter. Brown Advisory Inc. now owns 34,276 shares of the company’s stock worth $1,385,000 after buying an additional 156 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Seattle Genetics by 0.7% in the second quarter. PNC Financial Services Group Inc. now owns 41,287 shares of the company’s stock worth $1,669,000 after buying an additional 292 shares during the last quarter. Finally, Grandfield & Dodd LLC boosted its stake in Seattle Genetics by 5.4% in the second quarter. Grandfield & Dodd LLC now owns 8,001 shares of the company’s stock worth $323,000 after buying an additional 413 shares during the last quarter. Institutional investors own 97.93% of the company’s stock.
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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