Seattle Genetics, Inc. Forecasted to Post Q1 2018 Earnings of ($0.42) Per Share (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN) – Equities researchers at Oppenheimer Holdings issued their Q1 2018 EPS estimates for Seattle Genetics in a note issued to investors on Wednesday. Oppenheimer Holdings analyst L. Cann expects that the biotechnology company will post earnings per share of ($0.42) for the quarter. Oppenheimer Holdings has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for Seattle Genetics’ Q2 2018 earnings at ($0.33) EPS and Q4 2018 earnings at ($0.38) EPS.
Seattle Genetics (NASDAQ:SGEN) last announced 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 firm had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. During the same period in the previous year, the company earned ($0.23) earnings per share. Seattle Genetics’s quarterly revenue was up 13.4% compared to the same quarter last year.
Other research analysts have also issued reports about the stock. BidaskClub lowered shares of Seattle Genetics from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Cantor Fitzgerald set a $46.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Wednesday. J P Morgan Chase & Co reissued a “neutral” rating and set a $55.00 price objective (down from $58.00) on shares of Seattle Genetics in a report on Tuesday, June 20th. Cann reissued a “hold” rating on shares of Seattle Genetics in a report on Monday, June 19th. Finally, Cowen and Company set a $61.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Tuesday, June 6th. Five investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $62.29.
Shares of Seattle Genetics (SGEN) traded down 0.34% during midday trading on Thursday, reaching $47.01. 213,616 shares of the company were exchanged. The company’s market capitalization is $6.72 billion. The stock’s 50-day moving average price is $51.30 and its 200-day moving average price is $60.94. Seattle Genetics has a 52-week low of $42.58 and a 52-week high of $75.36.
Hedge funds have recently modified their holdings of the stock. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Seattle Genetics during the first quarter valued at $119,000. Tradewinds Capital Management LLC increased its stake 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 valued at $147,000 after buying an additional 52 shares in the last quarter. First Manhattan Co. increased its stake in shares of 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. increased its stake 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 valued at $167,000 after buying an additional 2,250 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its stake in shares of 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.
In related news, EVP Darren S. Cline sold 6,000 shares of Seattle Genetics stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $49.19, for a total value of $295,140.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Clay B. Siegall sold 10,423 shares of Seattle Genetics stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $51.98, for a total transaction of $541,787.54. The disclosure for this sale can be found here. Over the last quarter, insiders sold 57,259 shares of company stock worth $3,211,411. 33.30% of the stock is currently owned by insiders.
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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