Seattle Genetics, Inc. (NASDAQ:SGEN) had its price objective raised by research analysts at Morgan Stanley from $64.00 to $69.00 in a report issued on Tuesday. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Morgan Stanley’s price target points to a potential upside of 10.07% from the company’s previous close.

Several other equities analysts have also weighed in on the company. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $64.00 price objective on shares of Seattle Genetics in a report on Friday, October 6th. ValuEngine lowered Seattle Genetics from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and set a $53.00 price objective on shares of Seattle Genetics in a report on Thursday, September 14th. Cann reissued a “hold” rating on shares of Seattle Genetics in a report on Tuesday, August 29th. Finally, Royal Bank Of Canada started coverage on Seattle Genetics in a report on Thursday, September 14th. They set an “outperform” rating and a $58.00 price objective for the company. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.65.

Shares of Seattle Genetics (NASDAQ SGEN) opened at 62.69 on Tuesday. The company has a 50-day moving average price of $57.80 and a 200 day moving average price of $57.55. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $75.36. The company’s market capitalization is $8.97 billion.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 33.16% and a negative net margin of 26.53%. The business had revenue of $135.29 million during the quarter, compared to analyst estimates of $112.76 million. During the same period in the prior year, the company earned ($0.23) earnings per share. Seattle Genetics’s revenue was up 27.3% compared to the same quarter last year. Equities research analysts anticipate that Seattle Genetics will post ($1.69) EPS for the current year.

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In other news, insider Clay B. Siegall sold 10,413 shares of Seattle Genetics stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $48.91, for a total value of $509,299.83. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Darren S. Cline sold 6,000 shares of Seattle Genetics stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $49.19, for a total value of $295,140.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,761 shares of company stock worth $8,949,050. Company insiders own 34.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Manhattan Co. grew its stake in shares of 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 during the last quarter. Bristlecone Advisors LLC bought a new stake in shares of Seattle Genetics in the third quarter worth about $180,000. Meeder Asset Management Inc. grew its stake in shares of 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 during the last quarter. DRW Securities LLC bought a new stake in shares of Seattle Genetics in the second quarter worth about $207,000. Finally, Andra AP fonden bought a new stake in shares of Seattle Genetics in the second quarter worth about $212,000. Hedge funds and other institutional investors own 97.13% of the company’s stock.

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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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