Seattle Genetics Inc. (SGEN) Receives Consensus Recommendation of “Hold” from Analysts
Seattle Genetics Inc. (NASDAQ:SGEN) has been assigned a consensus recommendation of “Hold” from the eighteen ratings firms that are currently covering the company. One analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $52.25.
Several equities research analysts recently weighed in on SGEN shares. Morgan Stanley started coverage on Seattle Genetics in a report on Wednesday, September 7th. They set an “overweight” rating and a $60.00 price target for the company. Leerink Swann reaffirmed a “buy” rating and set a $62.00 price target on shares of Seattle Genetics in a report on Friday, September 16th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $43.00 price target on shares of Seattle Genetics in a report on Monday, October 31st. Goldman Sachs Group Inc. downgraded Seattle Genetics from a “neutral” rating to a “sell” rating in a report on Friday, September 16th. Finally, RBC Capital Markets reaffirmed an “outperform” rating and set a $62.00 price target (up from $55.00) on shares of Seattle Genetics in a report on Monday, October 10th.
In related news, Director Felix Baker acquired 1,030,629 shares of the company’s stock in a transaction that occurred on Thursday, November 3rd. The stock was purchased at an average price of $56.13 per share, for a total transaction of $57,849,205.77. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Clay B. Siegall sold 14,465 shares of Seattle Genetics stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $58.43, for a total value of $845,189.95. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Perigon Wealth Management LLC acquired a new stake in Seattle Genetics during the second quarter valued at approximately $1,212,000. State Board of Administration of Florida Retirement System boosted its stake in Seattle Genetics by 17.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 179,627 shares of the company’s stock valued at $7,258,000 after buying an additional 26,935 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Seattle Genetics during the second quarter valued at approximately $16,220,000. Vanguard Group Inc. boosted its stake in Seattle Genetics by 2.6% in the second quarter. Vanguard Group Inc. now owns 7,110,502 shares of the company’s stock valued at $287,335,000 after buying an additional 178,403 shares during the period. Finally, Eqis Capital Management Inc. boosted its stake in Seattle Genetics by 4.6% in the second quarter. Eqis Capital Management Inc. now owns 38,087 shares of the company’s stock valued at $1,539,000 after buying an additional 1,658 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 66.38 on Friday. The stock’s 50 day moving average is $59.55 and its 200-day moving average is $48.78. The stock’s market cap is $9.40 billion. Seattle Genetics has a 12-month low of $26.02 and a 12-month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, October 27th. The company reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. Seattle Genetics had a negative return on equity of 16.27% and a negative net margin of 27.03%. The firm earned $106.30 million during the quarter, compared to the consensus estimate of $4.34 million. During the same period last year, the company earned ($0.21) earnings per share. The company’s revenue for the quarter was up 26.4% on a year-over-year basis. Equities analysts anticipate that Seattle Genetics will post ($0.95) EPS for the current fiscal year.
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’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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