Bank of America Cuts Seattle Genetics (SGEN) Price Target to $68.00

Seattle Genetics (NASDAQ:SGEN) had its price target cut by stock analysts at Bank of America from $70.00 to $68.00 in a note issued to investors on Wednesday. The firm presently has a “neutral” rating on the biotechnology company’s stock. Bank of America’s target price points to a potential upside of 28.86% from the company’s current price.

SGEN has been the topic of a number of other research reports. Oppenheimer reiterated a “hold” rating on shares of Seattle Genetics in a research report on Thursday, December 7th. Barclays upgraded Seattle Genetics from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $70.00 in a research report on Friday, October 20th. SunTrust Banks set a $52.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research report on Friday, October 27th. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of Seattle Genetics in a report on Friday, October 27th. Finally, BidaskClub raised Seattle Genetics from a “sell” rating to a “hold” rating in a report on Saturday, December 9th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics presently has an average rating of “Hold” and a consensus target price of $64.56.

Seattle Genetics (NASDAQ SGEN) traded down $1.47 on Wednesday, hitting $52.77. The stock had a trading volume of 560,710 shares, compared to its average volume of 1,317,783. Seattle Genetics has a twelve month low of $45.31 and a twelve month high of $71.32. The firm has a market capitalization of $7,810.00, a PE ratio of -59.47 and a beta of 2.08.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.43) by $0.02. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The business had revenue of $129.61 million for the quarter, compared to analysts’ expectations of $123.99 million. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. The business’s revenue was up 23.1% compared to the same quarter last year. equities research analysts predict that Seattle Genetics will post -0.92 earnings per share for the current year.

In other Seattle Genetics news, Director Bros. Advisors Lp Baker acquired 3,846,153 shares of the stock in a transaction on Thursday, February 1st. The shares were bought at an average price of $52.00 per share, with a total value of $199,999,956.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vaughn B. Himes sold 10,000 shares of Seattle Genetics stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $59.97, for a total value of $599,700.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,825 shares of company stock worth $6,695,970. Corporate insiders own 34.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System boosted its holdings in Seattle Genetics by 2.9% in the 4th quarter. California Public Employees Retirement System now owns 215,100 shares of the biotechnology company’s stock valued at $11,508,000 after purchasing an additional 6,100 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Seattle Genetics in the 4th quarter valued at approximately $1,451,000. NF Trinity Capital Hong Kong Ltd purchased a new stake in Seattle Genetics in the 4th quarter valued at approximately $3,103,000. US Bancorp DE boosted its holdings in Seattle Genetics by 10.6% in the 4th quarter. US Bancorp DE now owns 15,797 shares of the biotechnology company’s stock valued at $845,000 after purchasing an additional 1,517 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Seattle Genetics by 6.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,753 shares of the biotechnology company’s stock valued at $1,324,000 after purchasing an additional 1,524 shares in the last quarter. 98.92% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: This piece of content was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of United States and international copyright law. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2018/02/07/bank-of-america-cuts-seattle-genetics-sgen-price-target-to-68-00.html.

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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

Receive News & Ratings for Seattle Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seattle Genetics and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply