Seattle Genetics, Inc. (SGEN) Rating Increased to Overweight at Barclays PLC
Seattle Genetics, Inc. (NASDAQ:SGEN) was upgraded by investment analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating in a report issued on Friday, MarketBeat Ratings reports. The brokerage currently has a $70.00 target price on the biotechnology company’s stock, up from their previous target price of $60.00. Barclays PLC’s price objective points to a potential upside of 9.61% from the stock’s current price.
Other analysts also recently issued research reports about the company. BidaskClub downgraded Seattle Genetics from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Oppenheimer Holdings, Inc. started coverage on Seattle Genetics in a report on Tuesday, October 10th. They issued a “hold” rating on the stock. Cantor Fitzgerald set a $46.00 price target on Seattle Genetics and gave the stock a “hold” rating in a report on Tuesday, October 10th. Jefferies Group LLC reissued a “buy” rating and issued a $53.00 price target on shares of Seattle Genetics in a report on Thursday, July 27th. Finally, Cowen and Company reissued a “hold” rating and issued a $54.00 price target on shares of Seattle Genetics in a report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $61.00.
Shares of Seattle Genetics (NASDAQ SGEN) traded down 0.23% during midday trading on Friday, reaching $63.86. The company’s stock had a trading volume of 1,537,396 shares. The company’s 50-day moving average price is $56.32 and its 200 day moving average price is $57.70. The firm’s market capitalization is $9.13 billion. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The company had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. During the same quarter last year, the business posted ($0.23) EPS. Seattle Genetics’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts forecast that Seattle Genetics will post ($1.68) earnings per share for the current year.
TRADEMARK VIOLATION NOTICE: This news story was originally reported by American Banking News and is owned by of American Banking News. If you are reading this news story on another website, it was stolen and reposted in violation of international copyright laws. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/10/21/seattle-genetics-inc-sgen-rating-increased-to-overweight-at-barclays-plc.html.
In other Seattle Genetics news, insider Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Eric Dobmeier sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $52.24, for a total value of $1,306,000.00. The disclosure for this sale can be found here. Insiders sold 183,761 shares of company stock valued at $9,494,450 in the last ninety days. Insiders own 34.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of SGEN. UBS Asset Management Americas Inc. increased its stake in shares of Seattle Genetics by 14.7% in the first quarter. UBS Asset Management Americas Inc. now owns 216,415 shares of the biotechnology company’s stock worth $13,604,000 after purchasing an additional 27,710 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Seattle Genetics by 157.4% in the first quarter. Ameriprise Financial Inc. now owns 59,125 shares of the biotechnology company’s stock worth $3,717,000 after purchasing an additional 36,157 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Seattle Genetics by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 12,630 shares of the biotechnology company’s stock worth $794,000 after purchasing an additional 59 shares during the period. Credit Agricole S A increased its stake in shares of Seattle Genetics by 57.1% in the first quarter. Credit Agricole S A now owns 24,697 shares of the biotechnology company’s stock worth $1,552,000 after purchasing an additional 8,981 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Seattle Genetics by 55.5% in the first quarter. Wellington Management Group LLP now owns 82,463 shares of the biotechnology company’s stock worth $5,184,000 after purchasing an additional 29,420 shares during the period. Institutional investors and hedge funds own 97.63% 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).
Receive News & Ratings for Seattle Genetics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seattle Genetics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.