Seattle Genetics (NASDAQ:SGEN) Raised to Outperform at Oppenheimer

Seattle Genetics (NASDAQ:SGEN) was upgraded by Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, BenzingaRatingsTable reports. The firm presently has a $82.00 price objective on the biotechnology company’s stock, up from their prior price objective of $77.00. Oppenheimer’s price objective points to a potential upside of 15.74% from the company’s current price.

SGEN has been the subject of a number of other reports. BTIG Research began coverage on shares of Seattle Genetics in a research note on Monday, August 26th. They issued a “neutral” rating for the company. William Blair reaffirmed a “buy” rating on shares of Seattle Genetics in a research note on Friday, July 19th. BidaskClub lowered shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Zacks Investment Research raised shares of Seattle Genetics from a “sell” rating to a “hold” rating and set a $72.00 target price for the company in a research note on Wednesday, May 29th. Finally, ValuEngine raised shares of Seattle Genetics from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Seattle Genetics has a consensus rating of “Buy” and a consensus price target of $84.17.

Shares of NASDAQ SGEN opened at $70.85 on Thursday. The firm has a market cap of $11.15 billion, a PE ratio of -42.94 and a beta of 1.97. Seattle Genetics has a 1-year low of $50.71 and a 1-year high of $84.37. The company has a fifty day moving average price of $74.81 and a 200 day moving average price of $71.72.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, July 16th. The biotechnology company reported ($0.49) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.10). The company had revenue of $218.45 million during the quarter, compared to analyst estimates of $189.76 million. Seattle Genetics had a negative return on equity of 17.16% and a negative net margin of 36.94%. Seattle Genetics’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 earnings per share. Analysts expect that Seattle Genetics will post -1.31 earnings per share for the current fiscal year.

In other news, insider Vaughn B. Himes sold 8,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $72.86, for a total value of $582,880.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 20,148 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $66.89, for a total transaction of $1,347,699.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,519 shares of company stock valued at $11,919,491. Company insiders own 33.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Baker BROS. Advisors LP raised its holdings in shares of Seattle Genetics by 3.0% in the 2nd quarter. Baker BROS. Advisors LP now owns 51,046,060 shares of the biotechnology company’s stock valued at $3,388,948,000 after purchasing an additional 1,470,651 shares during the period. Primecap Management Co. CA increased its holdings in shares of Seattle Genetics by 0.7% during the first quarter. Primecap Management Co. CA now owns 14,231,300 shares of the biotechnology company’s stock worth $1,042,300,000 after purchasing an additional 96,100 shares during the period. Capital International Investors increased its holdings in shares of Seattle Genetics by 53.6% during the third quarter. Capital International Investors now owns 9,414,375 shares of the biotechnology company’s stock worth $726,037,000 after purchasing an additional 3,285,237 shares during the period. Vanguard Group Inc. increased its holdings in shares of Seattle Genetics by 1.4% during the second quarter. Vanguard Group Inc. now owns 9,393,384 shares of the biotechnology company’s stock worth $650,116,000 after purchasing an additional 132,318 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of Seattle Genetics by 1.1% during the first quarter. BlackRock Inc. now owns 9,203,833 shares of the biotechnology company’s stock worth $674,089,000 after purchasing an additional 98,852 shares during the period. 99.14% of the stock is currently owned by institutional investors.

Seattle Genetics Company Profile

Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.

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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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