Oppenheimer Holdings Inc. Initiates Coverage on Seattle Genetics, Inc. (SGEN)
Equities research analysts at Oppenheimer Holdings Inc. started coverage on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a research report issued on Thursday. The brokerage set a “market perform” rating on the stock.
Several other equities research analysts have also recently weighed in on SGEN. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $43.00 price objective on shares of Seattle Genetics in a research report on Wednesday, December 28th. Vetr raised shares of Seattle Genetics from a “buy” rating to a “strong-buy” rating and set a $68.00 price objective for the company in a research report on Monday, February 13th. Credit Suisse Group AG upped their price objective on shares of Seattle Genetics from $62.00 to $66.00 and gave the stock a “neutral” rating in a research report on Monday, February 13th. Royal Bank of Canada upped their price objective on shares of Seattle Genetics from $62.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 6th. Finally, Maxim Group reaffirmed a “reduce” rating on shares of Seattle Genetics in a research report on Thursday, January 5th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $57.64.
Seattle Genetics (NASDAQ:SGEN) opened at 66.72 on Thursday. The stock has a 50 day moving average of $64.32 and a 200 day moving average of $59.50. The company’s market cap is $9.51 billion. Seattle Genetics has a 52 week low of $32.40 and a 52 week high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, February 9th. The company reported ($0.39) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by $0.05. Seattle Genetics had a negative return on equity of 20.86% and a negative net margin of 33.51%. The firm had revenue of $105.30 million for the quarter, compared to the consensus estimate of $106.49 million. During the same period in the prior year, the company earned ($0.18) EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts predict that Seattle Genetics will post ($1.86) earnings per share for the current fiscal year.
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In other Seattle Genetics news, insider Clay B. Siegall sold 14,465 shares of the business’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $57.89, for a total transaction of $837,378.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 43,395 shares of company stock valued at $2,711,754. Insiders own 33.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MSI Financial Services Inc increased its position in Seattle Genetics by 114.0% in the third quarter. MSI Financial Services Inc now owns 1,866 shares of the company’s stock valued at $101,000 after buying an additional 994 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in Seattle Genetics during the fourth quarter valued at about $378,000. First National Bank of Omaha purchased a new position in Seattle Genetics during the third quarter valued at about $201,000. World Asset Management Inc purchased a new position in Seattle Genetics during the third quarter valued at about $206,000. Finally, M&T Bank Corp purchased a new position in Seattle Genetics during the third quarter valued at about $214,000. 98.43% of the stock is owned by institutional investors.
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 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).
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