Royal Bank Of Canada Begins Coverage on Seattle Genetics, Inc. (SGEN)
Equities researchers at Royal Bank Of Canada started coverage on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set an “outperform” rating on the biotechnology company’s stock.
A number of other brokerages have also commented on SGEN. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Seattle Genetics in a research report on Saturday, June 3rd. Cowen and Company set a $61.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Cann reissued a “hold” rating on shares of Seattle Genetics in a research report on Monday, June 19th. Cantor Fitzgerald set a $43.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a research report on Monday, June 19th. Finally, ValuEngine upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $62.29.
Seattle Genetics (SGEN) traded down 0.47% on Thursday, reaching $53.15. 560,884 shares of the company were exchanged. Seattle Genetics has a 12-month low of $45.31 and a 12-month high of $75.36. The firm’s market capitalization is $7.60 billion. The stock has a 50 day moving average of $49.68 and a 200 day moving average of $59.34.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.03. The business had revenue of $108.20 million for the quarter, compared to analyst estimates of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. Equities analysts anticipate that Seattle Genetics will post ($1.69) EPS for the current year.
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In related news, CMO Jonathan G. Drachman sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total value of $640,100.00. Following the transaction, 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 at this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $53.49, for a total transaction of $1,007,323.68. The disclosure for this sale can be found here. Insiders sold 185,352 shares of company stock worth $9,524,196 over the last 90 days. 34.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in SGEN. BlackRock Inc. grew its stake in shares of Seattle Genetics by 6,338.2% in the first quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock valued at $456,845,000 after acquiring an additional 7,154,776 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Seattle Genetics by 8,672.2% in the second quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock valued at $36,460,000 after acquiring an additional 696,640 shares in the last quarter. Capital International Investors grew its stake in shares of Seattle Genetics by 34.3% in the second quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock valued at $140,970,000 after acquiring an additional 695,986 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Seattle Genetics in the first quarter valued at about $29,521,000. Finally, Janus Capital Management LLC grew its stake in shares of Seattle Genetics by 321.2% in the first quarter. Janus Capital Management LLC now owns 527,400 shares of the biotechnology company’s stock valued at $33,153,000 after acquiring an additional 402,200 shares in the last quarter. Institutional investors and hedge funds own 97.70% 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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