Seattle Genetics’ (SGEN) Hold Rating Reiterated at Cann
Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “hold” rating reiterated by equities researchers at Cann in a report released on Friday.
The analysts wrote, “Seattle Genetics announced today that preliminary clinical data for tisotumab vedotin from a Genmab-sponsored phase I/II clinical trial, GEN701, are being featured in an oral presentation at ESMO. Data were reported from an expansion cohort of the study including 34 patients with relapsed, recurrent and/or metastatic cervical cancer. It was reported that 32% of these patients achieved a response and 50% of patients achieved clinical benefit after 12 weeks. Median duration of confirmed responses was 8.3 months.””
SGEN has been the subject of several other research reports. Barclays PLC reissued a “hold” rating on shares of Seattle Genetics in a research report on Friday, June 23rd. BidaskClub cut Seattle Genetics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. Jefferies Group LLC reissued a “buy” rating and set a $53.00 price objective on shares of Seattle Genetics in a research report on Thursday, July 27th. ValuEngine raised Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Cowen and Company reissued a “hold” rating and set a $54.00 price objective on shares of Seattle Genetics in a research report on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $62.29.
Shares of Seattle Genetics (NASDAQ:SGEN) traded down 2.60% during midday trading on Friday, reaching $52.78. The company’s stock had a trading volume of 383,357 shares. The stock’s 50-day moving average is $49.79 and its 200 day moving average is $59.61. The stock’s market capitalization is $7.55 billion. Seattle Genetics has a 12 month low of $45.31 and a 12 month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative return on equity of 38.42% and a negative net margin of 52.08%. The business had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. During the same quarter in the previous year, the firm earned ($0.23) EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. On average, analysts expect that Seattle Genetics will post ($1.69) earnings per share for the current fiscal year.
In other Seattle Genetics news, CEO Clay B. Siegall sold 10,423 shares of the stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $51.98, for a total value of $541,787.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Jonathan G. Drachman sold 10,000 shares of the stock in a transaction 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 completion of the transaction, the chief marketing officer now owns 125,204 shares in the company, valued at $8,014,308.04. The disclosure for this sale can be found here. Insiders sold a total of 141,858 shares of company stock worth $7,222,550 over the last quarter. Corporate insiders own 34.70% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Seattle Genetics in the 1st quarter valued at $119,000. Daiwa Securities Group Inc. boosted its position in Seattle Genetics by 562.5% in the 1st 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 during the last quarter. First Manhattan Co. boosted its position in Seattle Genetics by 31.3% in the 2nd 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 during the last quarter. Capital Fund Management S.A. bought a new position in Seattle Genetics in the 1st quarter valued at $208,000. Finally, Miles Capital Inc. bought a new position in Seattle Genetics in the 1st quarter valued at $226,000. Hedge funds and other institutional investors own 97.70% 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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