Seattle Genetics, Inc. (SGEN) Given “Buy” Rating at Guggenheim
Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “buy” rating reaffirmed by analysts at Guggenheim in a research note issued on Monday, Marketbeat Ratings reports. They currently have a $72.00 target price on the biotechnology company’s stock. Guggenheim’s price objective suggests a potential upside of 15.44% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the stock. Jefferies Group LLC restated a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 27th. Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Tuesday, October 10th. Barclays PLC raised their target price on Seattle Genetics from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Monday, October 16th. ValuEngine raised Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Seattle Genetics has a consensus rating of “Hold” and a consensus price target of $61.65.
Seattle Genetics (SGEN) traded up 0.48% during mid-day trading on Monday, reaching $62.67. 533,317 shares of the company traded hands. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The stock has a 50 day moving average price of $56.60 and a 200-day moving average price of $57.62. The company’s market capitalization is $8.96 billion.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.03. The business had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. Seattle Genetics’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.23) earnings per share. Analysts expect that Seattle Genetics will post ($1.68) EPS for the current fiscal year.
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In related news, insider Vaughn B. Himes sold 6,377 shares of Seattle Genetics stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $47.89, for a total value of $305,394.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clay B. Siegall sold 25,506 shares of Seattle Genetics stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $47.89, for a total value of $1,221,482.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,761 shares of company stock valued at $9,494,450. Company insiders own 34.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Seattle Genetics by 2.3% in the second quarter. Vanguard Group Inc. now owns 7,530,515 shares of the biotechnology company’s stock valued at $389,628,000 after buying an additional 167,828 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Seattle Genetics by 2.6% in the second quarter. BlackRock Inc. now owns 7,453,483 shares of the biotechnology company’s stock valued at $385,644,000 after buying an additional 185,823 shares during the last quarter. State Street Corp raised its holdings in shares of Seattle Genetics by 10.9% in the first quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock valued at $178,847,000 after buying an additional 279,079 shares during the last quarter. Capital International Investors raised its holdings 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 buying an additional 695,986 shares during the last quarter. Finally, Matrix Capital Management Company LP raised its holdings in shares of Seattle Genetics by 18.8% in the second quarter. Matrix Capital Management Company LP now owns 2,118,000 shares of the biotechnology company’s stock valued at $109,585,000 after buying an additional 335,000 shares during the last quarter. 97.64% of the stock is owned by institutional investors and hedge funds.
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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