Seattle Genetics, Inc. (SGEN) Given “Hold” Rating at Cowen and Company
Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “hold” rating restated by Cowen and Company in a research report issued on Monday.
The analysts wrote, “SGEN announced this morning that following an interim safety look of 33A’s pivotal.””
Several other equities research analysts have also recently commented on SGEN. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Thursday. Piper Jaffray Companies decreased their target price on Seattle Genetics from $48.00 to $5.62 and set a “neutral” rating for the company in a research note on Monday. Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Monday. ValuEngine raised Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, J P Morgan Chase & Co reaffirmed a “hold” rating and set a $58.00 target price on shares of Seattle Genetics in a research note on Tuesday, June 13th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $57.57.
Shares of Seattle Genetics (SGEN) traded down 3.50% during trading on Monday, reaching $62.26. The company’s stock had a trading volume of 2,190,202 shares. Seattle Genetics has a 52 week low of $35.93 and a 52 week high of $75.36. The company’s market cap is $8.89 billion. 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 issued its quarterly earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.41) by $0.01. The company had revenue of $109.10 million during the quarter, compared to analyst estimates of $103.23 million. Seattle Genetics had a negative net margin of 43.17% and a negative return on equity of 27.98%. The company’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) EPS. Equities research analysts predict that Seattle Genetics will post ($1.71) EPS for the current year.
In other news, insider Clay B. Siegall sold 10,423 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $65.21, for a total value of $679,683.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Clay B. Siegall sold 14,465 shares of the firm’s stock in a transaction that occurred on Wednesday, April 5th. The shares were sold at an average price of $62.99, for a total value of $911,150.35. Following the completion of the transaction, the insider now owns 646,858 shares in the company, valued at approximately $40,745,585.42. The disclosure for this sale can be found here. Insiders sold 34,888 shares of company stock worth $2,218,334 in the last 90 days. Corporate insiders own 33.30% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. UBS Asset Management Americas Inc. increased its stake in shares of 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 increased its stake in shares of 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 increased its stake in shares of 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 increased its stake in shares of 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 acquired a new stake in shares of Seattle Genetics during the fourth quarter worth approximately $13,367,000. 98.04% of the stock is owned by institutional investors.
Seattle Genetics Company Profile
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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