Seattle Genetics (SGEN) Upgraded to “Overweight” at JPMorgan Chase & Co.

Seattle Genetics (NASDAQ:SGEN) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $60.00 price objective on the biotechnology company’s stock. JPMorgan Chase & Co.’s price target would indicate a potential upside of 10.99% from the stock’s current price.

Several other equities analysts have also recently weighed in on the company. Bank of America decreased their price objective on Seattle Genetics from $70.00 to $68.00 and set a “neutral” rating for the company in a report on Wednesday, February 7th. Needham & Company LLC reiterated a “buy” rating and set a $74.00 price target (up previously from $72.00) on shares of Seattle Genetics in a report on Wednesday, February 7th. SunTrust Banks reiterated a “hold” rating and set a $60.00 price target on shares of Seattle Genetics in a report on Wednesday, February 7th. HC Wainwright reiterated a “buy” rating on shares of Seattle Genetics in a report on Wednesday, February 7th. Finally, BidaskClub cut Seattle Genetics from a “hold” rating to a “sell” rating in a report on Saturday, January 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $64.25.

Shares of Seattle Genetics (SGEN) traded up $1.91 during midday trading on Wednesday, hitting $54.06. The stock had a trading volume of 1,148,273 shares, compared to its average volume of 1,440,000. The company has a market cap of $7,780.00, a PE ratio of -60.74 and a beta of 2.08. Seattle Genetics has a 12 month low of $45.31 and a 12 month high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.02. The company had revenue of $129.61 million during the quarter, compared to analysts’ expectations of $123.99 million. Seattle Genetics had a negative return on equity of 33.36% and a negative net margin of 26.03%. Seattle Genetics’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.39) EPS. research analysts anticipate that Seattle Genetics will post -1.59 EPS for the current year.

In other Seattle Genetics news, COO Eric Dobmeier sold 3,729 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $58.75, for a total transaction of $219,078.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vaughn B. Himes sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $59.97, for a total transaction of $599,700.00. The disclosure for this sale can be found here. Insiders have sold 105,225 shares of company stock valued at $5,811,516 over the last 90 days. Company insiders own 34.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of SGEN. American International Group Inc. acquired a new stake in Seattle Genetics during the fourth quarter worth approximately $121,000. Quantbot Technologies LP raised its position in shares of Seattle Genetics by 116.5% in the third quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 1,428 shares in the last quarter. Bristlecone Advisors LLC acquired a new stake in shares of Seattle Genetics in the third quarter valued at approximately $180,000. Virtu Financial LLC acquired a new stake in shares of Seattle Genetics in the third quarter valued at approximately $203,000. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Seattle Genetics in the third quarter valued at approximately $208,000. Hedge funds and other institutional investors own 91.60% 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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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