FY2017 Earnings Forecast for Seattle Genetics, Inc. (SGEN) Issued By Cantor Fitzgerald
Seattle Genetics, Inc. (NASDAQ:SGEN) – Investment analysts at Cantor Fitzgerald upped their FY2017 EPS estimates for Seattle Genetics in a research note issued on Monday. Cantor Fitzgerald analyst M. Goldstein now forecasts that the biotechnology company will post earnings per share of ($0.91) for the year, up from their prior forecast of ($1.63). Cantor Fitzgerald has a “Hold” rating and a $46.00 price target on the stock. Cantor Fitzgerald also issued estimates for Seattle Genetics’ FY2018 earnings at ($1.65) EPS.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 33.16%. The firm had revenue of $135.29 million during the quarter, compared to analysts’ expectations of $112.76 million. During the same period last year, the company posted ($0.23) EPS. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. ILLEGAL ACTIVITY WARNING: “FY2017 Earnings Forecast for Seattle Genetics, Inc. (SGEN) Issued By Cantor Fitzgerald” was originally published by American Banking News and is owned by of American Banking News. If you are accessing this piece of content on another publication, it was stolen and republished in violation of US and international copyright and trademark laws. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/11/01/fy2017-earnings-forecast-for-seattle-genetics-inc-sgen-issued-by-cantor-fitzgerald.html.
A number of other brokerages have also recently commented on SGEN. Cowen and Company restated a “hold” rating on shares of Seattle Genetics in a report on Sunday. SunTrust Banks, Inc. set a $52.00 target price on Seattle Genetics and gave the company a “hold” rating in a report on Friday, October 27th. J P Morgan Chase & Co raised their target price on Seattle Genetics from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday. Bank of America Corporation upgraded Seattle Genetics from an “underperform” rating to a “neutral” rating in a report on Friday, October 27th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of Seattle Genetics in a report on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Seattle Genetics has a consensus rating of “Hold” and a consensus target price of $63.00.
Shares of Seattle Genetics (SGEN) opened at 61.31 on Wednesday. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The stock’s market capitalization is $8.77 billion. The stock has a 50 day moving average of $58.02 and a 200 day moving average of $57.57.
In other Seattle Genetics news, CMO Jonathan G. Drachman sold 10,000 shares of Seattle Genetics stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 18,832 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 173,761 shares of company stock worth $8,949,050. 34.70% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Seattle Genetics by 2.3% during the second quarter. Vanguard Group Inc. now owns 7,530,515 shares of the biotechnology company’s stock worth $389,628,000 after buying an additional 167,828 shares during the period. BlackRock Inc. increased 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 purchasing an additional 185,823 shares during the period. State Street Corp increased 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 purchasing an additional 279,079 shares during the period. Capital International Investors increased 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 purchasing an additional 695,986 shares during the period. Finally, Matrix Capital Management Company LP increased 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 purchasing an additional 335,000 shares during the period. 97.13% of the stock is currently owned by 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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