Seattle Genetics Inc. (NASDAQ:SGEN) was upgraded by research analysts at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research report issued on Thursday. The firm presently has a $47.00 price objective on the stock, up from their prior price objective of $30.00. Goldman Sachs Group Inc.’s price objective would suggest a potential downside of 12.40% from the company’s previous close.

Several other brokerages have also recently weighed in on SGEN. Leerink Swann raised their target price on shares of Seattle Genetics from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Monday, August 1st. RBC Capital Markets reaffirmed an “outperform” rating on shares of Seattle Genetics in a report on Wednesday, July 27th. Morgan Stanley began coverage on shares of Seattle Genetics in a report on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 target price on the stock. Barclays PLC raised their target price on shares of Seattle Genetics from $48.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, July 27th. Finally, SunTrust Banks Inc. raised their target price on shares of Seattle Genetics from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $49.92.

Shares of Seattle Genetics (NASDAQ:SGEN) opened at 53.65 on Thursday. The firm’s 50-day moving average is $47.02 and its 200 day moving average is $40.01. Seattle Genetics has a 52 week low of $26.02 and a 52 week high of $54.88. The firm’s market capitalization is $7.54 billion.

Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. The firm had revenue of $95.40 million for the quarter, compared to analysts’ expectations of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The firm’s revenue was up 23.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.38) earnings per share. On average, equities analysts forecast that Seattle Genetics will post ($1.00) earnings per share for the current year.

In related news, EVP Vaughn B. Himes sold 3,991 shares of Seattle Genetics stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total value of $185,940.69. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Clay B. Siegall sold 4,042 shares of Seattle Genetics stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $45.20, for a total transaction of $182,698.40. The disclosure for this sale can be found here. 33.30% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of SGEN. Perigon Wealth Management LLC purchased a new position in Seattle Genetics during the second quarter worth $1,212,000. Calvert Investment Management Inc. purchased a new position in Seattle Genetics during the second quarter worth $250,000. Schwab Charles Investment Management Inc. raised its position in Seattle Genetics by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 252,113 shares of the company’s stock worth $10,188,000 after buying an additional 14,580 shares during the period. Stifel Financial Corp raised its position in Seattle Genetics by 64.8% in the second quarter. Stifel Financial Corp now owns 15,730 shares of the company’s stock worth $636,000 after buying an additional 6,184 shares during the period. Finally, Amalgamated Bank raised its position in Seattle Genetics by 23.1% in the second quarter. Amalgamated Bank now owns 15,363 shares of the company’s stock worth $714,000 after buying an additional 2,887 shares during the period. Hedge funds and other institutional investors own 97.93% of the company’s stock.

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’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).

5 Day Chart for NASDAQ:SGEN

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