Cantor Fitzgerald Analysts Give Seattle Genetics, Inc. (SGEN) a $43.00 Price Target
Seattle Genetics, Inc. (NASDAQ:SGEN) has been given a $43.00 price target by research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Cantor Fitzgerald’s target price points to a potential downside of 33.35% from the company’s previous close.
A number of other research firms have also recently commented on SGEN. J P Morgan Chase & Co reiterated a “hold” rating and set a $58.00 target price on shares of Seattle Genetics in a research note on Tuesday, June 13th. Cowen and Company set a $61.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research note on Tuesday, June 6th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Seattle Genetics in a research note on Thursday. CIBC initiated coverage on Seattle Genetics in a research note on Thursday, March 16th. They set a “market perform” rating on the stock. Finally, Cann reiterated a “hold” rating on shares of Seattle Genetics in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $61.29.
Shares of Seattle Genetics (SGEN) traded down 2.81% during mid-day trading on Monday, hitting $62.71. 2,513,830 shares of the stock were exchanged. The stock’s market capitalization is $8.95 billion. Seattle Genetics has a 12-month low of $35.93 and a 12-month high of $75.36. The stock’s 50 day moving average price is $64.35 and its 200-day moving average price is $63.21.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.41) by $0.01. The business had revenue of $109.10 million for the quarter, compared to the consensus estimate of $103.23 million. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.15) earnings per share. On average, equities research analysts expect that Seattle Genetics will post ($1.71) EPS for the current fiscal year.
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In other Seattle Genetics news, insider Clay B. Siegall sold 10,423 shares of Seattle Genetics stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Clay B. Siegall sold 14,465 shares of Seattle Genetics stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $62.99, for a total value of $911,150.35. Following the transaction, the insider now directly owns 646,858 shares of the company’s stock, valued at approximately $40,745,585.42. The disclosure for this sale can be found here. Insiders have sold a total of 34,888 shares of company stock valued at $2,218,334 in the last ninety days. Insiders own 33.30% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. raised its position in Seattle Genetics by 124.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 188,705 shares of the biotechnology company’s stock worth $9,959,000 after buying an additional 104,557 shares during the last quarter. Opus Point Partners Management LLC raised its position in Seattle Genetics by 0.5% in the fourth quarter. Opus Point Partners Management LLC now owns 68,310 shares of the biotechnology company’s stock worth $3,605,000 after buying an additional 357 shares during the last quarter. Gulf International Bank UK Ltd raised its position in Seattle Genetics by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 31,050 shares of the biotechnology company’s stock worth $1,951,000 after buying an additional 250 shares during the last quarter. Bank of New York Mellon Corp raised its position in Seattle Genetics by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 429,927 shares of the biotechnology company’s stock worth $27,024,000 after buying an additional 15,903 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Seattle Genetics during the fourth quarter worth $13,367,000. 98.04% of the stock is owned by institutional investors and hedge funds.
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 is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).
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