Seattle Genetics Inc. (SGEN) Trading Up 2.2%
Seattle Genetics Inc. (NASDAQ:SGEN) shares were up 2.2% during mid-day trading on Tuesday . The company traded as high as $55.73 and last traded at $55.25, with a volume of 362,715 shares trading hands. The stock had previously closed at $54.08.
A number of research analysts recently issued reports on SGEN shares. Morgan Stanley started coverage on shares of Seattle Genetics in a research note on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 price objective on the stock. Leerink Swann reissued a “buy” rating and issued a $62.00 price objective on shares of Seattle Genetics in a research note on Friday, September 16th. Goldman Sachs Group Inc. cut shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a research note on Friday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price (up previously from $60.00) on shares of Seattle Genetics in a research note on Wednesday, June 29th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Seattle Genetics in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $49.92.
The stock’s 50-day moving average is $48.20 and its 200-day moving average is $40.93. The stock’s market cap is $7.88 billion.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.09. The firm had revenue of $95.40 million for the quarter, compared to analyst estimates of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.38) EPS. Equities research analysts expect that Seattle Genetics Inc. will post ($1.00) EPS for the current year.
In other Seattle Genetics news, Director Felix Baker purchased 447,311 shares of the stock in a transaction that occurred on Tuesday, September 13th. The stock was bought at an average cost of $50.71 per share, with a total value of $22,683,140.81. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Clay B. Siegall sold 7,618 shares of Seattle Genetics stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $40.56, for a total transaction of $308,986.08. The disclosure for this sale can be found here. Insiders own 33.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of SGEN. JPMorgan Chase & Co. boosted its position in shares of Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock worth $145,000 after buying an additional 981 shares during the period. HighTower Advisors LLC acquired a new position in shares of Seattle Genetics during the second quarter worth about $206,000. Carl Domino Inc acquired a new position in shares of Seattle Genetics during the second quarter worth about $218,000. Levin Capital Strategies L.P. acquired a new position in shares of Seattle Genetics during the second quarter worth about $218,000. Finally, Capstone Asset Management Co. acquired a new position in shares of Seattle Genetics during the second quarter worth about $222,000. 97.93% 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’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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