Seattle Genetics, Inc. (SGEN) to Post FY2022 Earnings of $2.55 Per Share, SunTrust Banks Forecasts

Seattle Genetics, Inc. (NASDAQ:SGEN) – Equities researchers at SunTrust Banks issued their FY2022 EPS estimates for Seattle Genetics in a research note issued to investors on Friday. SunTrust Banks analyst Y. Suneja forecasts that the biotechnology company will post earnings per share of $2.55 for the year. SunTrust Banks currently has a “Hold” rating and a $52.00 target price on the stock.

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 analysts’ consensus estimates of ($0.42) by $0.23. The company had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The firm’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.23) EPS.

A number of other brokerages have also weighed in on SGEN. Barclays upgraded Seattle Genetics from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $60.00 to $70.00 in a report on Friday, October 20th. Zacks Investment Research downgraded Seattle Genetics from a “buy” rating to a “hold” rating in a research note on Monday, October 16th. Cowen reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Sunday, October 29th. JPMorgan Chase & Co. raised their target price on Seattle Genetics from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Finally, Morgan Stanley raised their target price on Seattle Genetics from $64.00 to $69.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Seattle Genetics presently has a consensus rating of “Hold” and a consensus target price of $63.76.

Shares of Seattle Genetics (NASDAQ:SGEN) traded up $0.03 during mid-day trading on Monday, reaching $53.48. The company’s stock had a trading volume of 1,287,800 shares, compared to its average volume of 988,215. The stock has a market cap of $8,000.00, a price-to-earnings ratio of -61.47 and a beta of 2.37. Seattle Genetics has a 12 month low of $45.31 and a 12 month high of $71.32.

In related news, insider Vaughn B. Himes sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $59.97, for a total transaction of $599,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marc E. Lippman sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $58.07, for a total value of $174,210.00. The disclosure for this sale can be found here. Insiders have sold a total of 157,210 shares of company stock valued at $9,094,911 over the last three months. Corporate insiders own 34.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in SGEN. Manning & Napier Advisors LLC purchased a new position in Seattle Genetics during the 3rd quarter valued at about $140,098,000. Capital International Investors boosted its holdings in Seattle Genetics by 63.7% during the 3rd quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock valued at $242,682,000 after acquiring an additional 1,735,657 shares during the period. Janus Henderson Group PLC boosted its holdings in Seattle Genetics by 8,672.2% during the 2nd quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock valued at $36,460,000 after acquiring an additional 696,640 shares during the period. Pictet Asset Management Ltd. boosted its holdings in Seattle Genetics by 79.3% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock valued at $68,906,000 after acquiring an additional 560,110 shares during the period. Finally, Capital Guardian Trust Co. boosted its holdings in Seattle Genetics by 82.2% during the 3rd quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock valued at $57,909,000 after acquiring an additional 480,044 shares during the period. Institutional investors own 98.88% of the company’s stock.

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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).

Earnings History and Estimates for Seattle Genetics (NASDAQ:SGEN)

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