Seattle Genetics, Inc. (SGEN) Announces Quarterly Earnings Results
Seattle Genetics, Inc. (NASDAQ:SGEN) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.39) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.03, Bloomberg Earnings reports. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The company had revenue of $108.20 million during the quarter, compared to analyst estimates of $105.92 million. During the same period in the previous year, the business earned ($0.23) EPS. Seattle Genetics’s quarterly revenue was up 13.4% on a year-over-year basis.
Seattle Genetics (SGEN) traded down 3.73% on Thursday, reaching $52.97. 1,178,514 shares of the company’s stock traded hands. Seattle Genetics has a 52-week low of $42.58 and a 52-week high of $75.36. The stock’s 50 day moving average is $57.09 and its 200 day moving average is $62.02. The firm’s market cap is $7.56 billion.
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In other news, CMO Jonathan G. Drachman sold 10,000 shares of Seattle Genetics stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total value of $640,100.00. Following the sale, the chief marketing officer now directly owns 125,204 shares in the company, valued at $8,014,308.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of Seattle Genetics 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 disclosure for this sale can be found here. Insiders have sold a total of 30,846 shares of company stock worth $1,861,571 over the last 90 days. Corporate insiders own 33.30% of the company’s stock.
Several equities research analysts have commented on SGEN shares. HC Wainwright boosted their price objective on Seattle Genetics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Seattle Genetics in a report on Tuesday, June 20th. Jefferies Group LLC reiterated a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a report on Thursday. TheStreet lowered Seattle Genetics from a “c-” rating to a “d” rating in a research report on Tuesday, May 9th. Finally, Cantor Fitzgerald set a $43.00 target price on Seattle Genetics and gave the company a “hold” rating in a research report on Monday, June 19th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $60.47.
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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