Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “hold” rating restated by stock analysts at Cann in a research note issued to investors on Monday.

The analysts wrote, “Seattle Genetics announced today that it is discontinuing the phase III CASCADE clinical trial of vadastuximab talirine (SGN-CD33A) in frontline older acute myeloid leukemia (AML) patients. Seattle Genetics reported it took this action following consultation with the Independent Data Monitoring Committee (IDMC) and after reviewing unblinded data on June 16, 2017. As a result of the discontinuation of SGN-CD33A (vadastuximab talirine; 33A), we are removing estimated sales of SGN- CD33A from our model in 2020 and 2021.””

A number of other analysts have also weighed in on the stock. TheStreet lowered shares of Seattle Genetics from a “c-” rating to a “d” rating in a research note on Tuesday, May 9th. Zacks Investment Research upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Leerink Swann increased their price target on shares of Seattle Genetics from $70.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, April 7th. HC Wainwright increased their price target on shares of Seattle Genetics from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Finally, CIBC began coverage on shares of Seattle Genetics in a research note on Thursday, March 16th. They issued a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Seattle Genetics has an average rating of “Hold” and a consensus target price of $57.57.

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

Shares of Seattle Genetics (SGEN) traded down 4.46% on Monday, hitting $61.64. 1,710,511 shares of the stock were exchanged. Seattle Genetics has a 52-week low of $35.93 and a 52-week high of $75.36. The company’s 50 day moving average is $64.35 and its 200-day moving average is $63.21. The stock’s market cap is $8.80 billion.

Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.41) by $0.01. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The firm had revenue of $109.10 million for the quarter, compared to analysts’ expectations of $103.23 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. Analysts predict that Seattle Genetics will post ($1.71) EPS for the current fiscal year.

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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 shares were sold at an average price of $65.21, for a total transaction of $679,683.83. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Vaughn B. Himes sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $62.75, for a total transaction of $627,500.00. Following the transaction, the insider now owns 161,283 shares in the company, valued at $10,120,508.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,888 shares of company stock worth $2,218,334. Insiders own 33.30% of the company’s stock.

Several institutional investors have recently made changes to their positions in SGEN. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Seattle Genetics during the first quarter worth about $119,000. Tradewinds Capital Management LLC raised its position in shares of Seattle Genetics by 2.3% in the first quarter. Tradewinds Capital Management LLC now owns 2,344 shares of the biotechnology company’s stock worth $147,000 after buying an additional 52 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Seattle Genetics by 562.5% in the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock worth $167,000 after buying an additional 2,250 shares during the period. Capital Fund Management S.A. acquired a new position in shares of Seattle Genetics during the first quarter worth about $208,000. Finally, Miles Capital Inc. acquired a new position in shares of Seattle Genetics during the first quarter worth about $226,000. Institutional investors and hedge funds own 98.04% of the company’s stock.

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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