$109.73 Million in Sales Expected for Seattle Genetics, Inc. (SGEN) This Quarter
Equities research analysts forecast that Seattle Genetics, Inc. (NASDAQ:SGEN) will announce sales of $109.73 million for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Seattle Genetics’ earnings, with the highest sales estimate coming in at $127.40 million and the lowest estimate coming in at $98.25 million. Seattle Genetics reported sales of $105.28 million during the same quarter last year, which would indicate a positive year over year growth rate of 4.2%. The business is scheduled to issue its next quarterly earnings results on Thursday, February 8th.
On average, analysts expect that Seattle Genetics will report full-year sales of $109.73 million for the current fiscal year, with estimates ranging from $445.40 million to $480.00 million. For the next financial year, analysts anticipate that the firm will post sales of $585.52 million per share, with estimates ranging from $533.00 million to $711.53 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Seattle Genetics.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.23. The business had revenue of $135.29 million for the quarter, compared to the consensus estimate of $112.76 million. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.23) earnings per share.
SGEN has been the topic of several recent analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, October 26th. Cann reissued a “hold” rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. Zacks Investment Research raised shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Tuesday, October 10th. Morgan Stanley upped their price objective on shares of Seattle Genetics from $64.00 to $69.00 and gave the company an “overweight” rating in a research note on Tuesday, October 31st. Finally, ValuEngine downgraded shares of Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Seattle Genetics presently has a consensus rating of “Hold” and a consensus price target of $62.88.
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Seattle Genetics (NASDAQ SGEN) opened at $57.91 on Friday. Seattle Genetics has a one year low of $45.31 and a one year high of $75.36.
In related news, insider Clay B. Siegall sold 18,832 shares of the firm’s stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $61.18, for a total transaction of $1,152,141.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Todd E. Simpson sold 39,385 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $60.91, for a total transaction of $2,398,940.35. The disclosure for this sale can be found here. Insiders sold 196,733 shares of company stock valued at $10,543,551 in the last three months. Company insiders own 34.70% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Seattle Genetics by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 7,530,515 shares of the biotechnology company’s stock valued at $389,628,000 after purchasing an additional 167,828 shares in the last quarter. BlackRock Inc. grew its holdings in Seattle Genetics by 2.6% during the 2nd 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 in the last quarter. Capital International Investors grew its holdings in Seattle Genetics by 34.3% during the 2nd 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 in the last quarter. Manning & Napier Advisors LLC acquired a new stake in Seattle Genetics during the 3rd quarter valued at $140,098,000. Finally, Matrix Capital Management Company LP grew its holdings in Seattle Genetics by 18.8% during the 2nd 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 in the last quarter. 97.48% 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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