Seattle Genetics, Inc. (SGEN) Earns Buy Rating from Jefferies Group LLC
Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “buy” rating reaffirmed by analysts at Jefferies Group LLC in a research note issued to investors on Thursday. They presently have a $53.00 target price on the biotechnology company’s stock. Jefferies Group LLC’s price target points to a potential downside of 0.28% from the company’s current price.
Several other brokerages have also commented 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 stock a “hold” rating in a research note on Tuesday, June 6th. Cantor Fitzgerald set a $43.00 price target on shares of Seattle Genetics and gave the stock a “hold” rating in a research note on Monday, June 19th. Cann restated a “hold” rating on shares of Seattle Genetics in a research note on Monday, June 19th. Finally, ValuEngine upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Four research analysts have rated the stock with a sell rating, eleven have given 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 a consensus price target of $62.29.
Shares of Seattle Genetics (NASDAQ:SGEN) traded down 0.47% during mid-day trading on Thursday, reaching $53.15. 560,884 shares of the company were exchanged. The firm’s 50-day moving average is $49.68 and its 200-day moving average is $59.34. The company’s market capitalization is $7.60 billion. Seattle Genetics has a 12 month low of $45.31 and a 12 month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 analyst estimates of $105.92 million. During the same quarter in the prior year, the business posted ($0.23) EPS. Seattle Genetics’s quarterly revenue was up 13.4% on a year-over-year basis. On average, equities analysts forecast that Seattle Genetics will post ($1.69) earnings per share for the current fiscal year.
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In other Seattle Genetics news, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s 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 sale, the chief marketing officer now directly owns 125,204 shares in the company, valued at approximately $8,014,308.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vaughn B. Himes sold 6,377 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $305,394.53. The disclosure for this sale can be found here. Insiders sold a total of 185,352 shares of company stock worth $9,524,196 over the last 90 days. Company insiders own 34.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC bought a new position in shares of Seattle Genetics during the 2nd quarter worth about $338,000. Tower Research Capital LLC TRC lifted its holdings in shares of Seattle Genetics by 6,835.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,300 shares of the biotechnology company’s stock worth $223,000 after acquiring an additional 4,238 shares during the period. DRW Securities LLC bought a new position in shares of Seattle Genetics during the 2nd quarter worth about $207,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Seattle Genetics by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock worth $250,000 after acquiring an additional 299 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Seattle Genetics by 6.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after acquiring an additional 2,500 shares during the period. 97.70% of the stock is owned by institutional investors.
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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