Seattle Genetics, Inc. (SGEN) Price Target Increased to $60.00 by Analysts at J P Morgan Chase & Co
Seattle Genetics, Inc. (NASDAQ:SGEN) had its price objective raised by equities research analysts at J P Morgan Chase & Co from $55.00 to $60.00 in a research report issued on Monday. The firm presently has a “neutral” rating on the biotechnology company’s stock. J P Morgan Chase & Co’s target price points to a potential downside of 4.35% from the stock’s current price.
Several other research analysts have also commented on SGEN. Jefferies Group LLC reaffirmed a “buy” rating and set a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 27th. ValuEngine downgraded Seattle Genetics from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Cowen and Company reiterated a “hold” rating and set a $54.00 target price on shares of Seattle Genetics in a research report on Friday, July 28th. BidaskClub downgraded Seattle Genetics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Finally, Cantor Fitzgerald set a $46.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $62.35.
Seattle Genetics (NASDAQ:SGEN) traded up 0.02% during midday trading on Monday, reaching $62.74. 156,049 shares of the company were exchanged. Seattle Genetics has a 52 week low of $45.31 and a 52 week high of $75.36. The company has a 50-day moving average of $57.53 and a 200 day moving average of $57.66. The firm’s market capitalization is $8.97 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.23. The company had revenue of $135.29 million during the quarter, compared to analyst estimates of $112.76 million. Seattle Genetics had a net margin of 36.97% and a return on equity of 32.54%. Seattle Genetics’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.23) earnings per share. Equities analysts predict that Seattle Genetics will post ($1.69) earnings per share for the current year.
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In other Seattle Genetics news, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $47.54, for a total value of $475,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $1,152,141.76. The disclosure for this sale can be found here. Insiders sold 173,761 shares of company stock valued at $8,949,050 over the last quarter. 34.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. First Manhattan Co. raised its holdings in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after purchasing an additional 750 shares in the last quarter. Bristlecone Advisors LLC bought a new position in Seattle Genetics in the third quarter worth about $180,000. Oppenheimer Asset Management Inc. bought a new position in Seattle Genetics in the first quarter worth about $240,000. Meeder Asset Management Inc. raised its holdings in Seattle Genetics by 1,580.9% in the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 3,715 shares in the last quarter. Finally, DRW Securities LLC bought a new position in Seattle Genetics in the second quarter worth about $207,000. Institutional investors and hedge funds own 97.13% 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).
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