Seattle Genetics, Inc. (SGEN) Given a $46.00 Price Target by Cantor Fitzgerald Analysts
Seattle Genetics, Inc. (NASDAQ:SGEN) received a $46.00 price objective from equities research analysts at Cantor Fitzgerald in a report issued on Wednesday. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Cantor Fitzgerald’s target price points to a potential downside of 2.48% from the stock’s current price.
A number of other equities research analysts also recently weighed in on SGEN. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Seattle Genetics in a research note on Saturday, June 3rd. Cowen and Company set a $61.00 price target on shares of Seattle Genetics and gave the company a “hold” rating in a research note on Tuesday, June 6th. BidaskClub downgraded shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. J P Morgan Chase & Co restated a “hold” rating and issued a $58.00 price target on shares of Seattle Genetics in a research note on Tuesday, June 13th. Finally, Barclays PLC restated a “hold” rating on shares of Seattle Genetics in a research note on Friday, June 23rd. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $62.29.
Shares of Seattle Genetics (NASDAQ SGEN) traded up 0.73% during trading on Wednesday, hitting $47.17. 931,733 shares of the stock were exchanged. The firm’s market capitalization is $6.75 billion. The firm has a 50 day moving average price of $51.30 and a 200 day moving average price of $60.94. Seattle Genetics has a 52 week low of $42.58 and a 52 week high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.03. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The company had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. During the same period last year, the company posted ($0.23) EPS. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts forecast that Seattle Genetics will post ($1.70) EPS for the current fiscal year.
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In other news, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $54.54, for a total value of $545,400.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of the business’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 transaction of $679,683.83. The disclosure for this sale can be found here. Insiders sold a total of 57,259 shares of company stock worth $3,211,411 in the last 90 days. Corporate insiders own 33.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Seattle Genetics during the first quarter valued at $119,000. Tradewinds Capital Management LLC raised its stake in Seattle Genetics by 2.3% in the first quarter. Tradewinds Capital Management LLC now owns 2,344 shares of the biotechnology company’s stock valued at $147,000 after buying an additional 52 shares in the last quarter. First Manhattan Co. raised its stake in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after buying an additional 750 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Seattle Genetics by 562.5% in the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock valued at $167,000 after buying an additional 2,250 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in Seattle Genetics by 1,580.9% in the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock valued at $205,000 after buying an additional 3,715 shares in the last quarter. Hedge funds and other institutional investors own 98.21% 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 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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