SunTrust Banks, Inc. Reaffirms Hold Rating for Seattle Genetics, Inc. (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “hold” rating restated by stock analysts at SunTrust Banks, Inc. in a research note issued on Wednesday. They currently have a $45.00 price objective on the biotechnology company’s stock. SunTrust Banks, Inc.’s price objective would suggest a potential downside of 22.73% from the stock’s previous close.
Other analysts also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Seattle Genetics in a research note on Tuesday, June 20th. Jefferies Group LLC restated a “buy” rating and issued a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, July 27th. Cantor Fitzgerald set a $43.00 price target on Seattle Genetics and gave the stock a “hold” rating in a research note on Monday, June 19th. Cowen and Company restated a “hold” rating and issued a $54.00 price target (down previously from $61.00) on shares of Seattle Genetics in a research note on Monday, June 19th. Finally, Cann restated a “hold” rating on shares of Seattle Genetics in a research note on Monday, June 19th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $60.57.
Seattle Genetics (NASDAQ:SGEN) traded up 0.52% on Wednesday, hitting $58.24. The stock had a trading volume of 899,556 shares. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $75.36. The stock has a 50 day moving average price of $51.44 and a 200 day moving average price of $57.86. The company’s market cap is $8.33 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. The firm had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) EPS. On average, equities research analysts expect that Seattle Genetics will post ($1.68) EPS for the current fiscal year.
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In other news, insider Clay B. Siegall sold 10,413 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $48.91, for a total transaction of $509,299.83. The transaction was disclosed in a legal filing 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, July 27th. The shares were sold at an average price of $54.54, for a total value of $545,400.00. The disclosure for this sale can be found here. Insiders sold a total of 164,929 shares of company stock worth $8,342,308 over the last ninety days. 34.70% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SGEN. BlackRock Inc. lifted its holdings in shares of Seattle Genetics by 6,338.2% during the 1st quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock valued at $456,845,000 after buying an additional 7,154,776 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Seattle Genetics by 8,672.2% during the 2nd quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock valued at $36,460,000 after buying an additional 696,640 shares during the period. Capital International Investors lifted its holdings in shares of Seattle Genetics by 34.3% during the 2nd quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock valued at $140,970,000 after buying an additional 695,986 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Seattle Genetics during the 1st quarter valued at $29,521,000. Finally, Janus Capital Management LLC lifted its holdings in shares of Seattle Genetics by 321.2% during the 1st quarter. Janus Capital Management LLC now owns 527,400 shares of the biotechnology company’s stock valued at $33,153,000 after buying an additional 402,200 shares during the period. 97.63% of the stock is currently owned by hedge funds and other 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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