Cantor Fitzgerald Analysts Give Seattle Genetics, Inc. (SGEN) a $46.00 Price Target
Cantor Fitzgerald set a $46.00 price objective on Seattle Genetics, Inc. (NASDAQ:SGEN) in a research note issued to investors on Tuesday morning. The brokerage currently has a hold rating on the biotechnology company’s stock.
Several other analysts have also recently weighed in on SGEN. Oppenheimer Holdings, Inc. began coverage on shares of Seattle Genetics in a report on Tuesday. They issued a hold rating on the stock. SunTrust Banks, Inc. reiterated a hold rating and issued a $45.00 price target on shares of Seattle Genetics in a research note on Wednesday, October 4th. Zacks Investment Research upgraded shares of Seattle Genetics from a hold rating to a buy rating and set a $64.00 price target on the stock in a research note on Tuesday. BidaskClub lowered shares of Seattle Genetics from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Finally, Barclays PLC reiterated a hold rating on shares of Seattle Genetics in a research note on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $61.00.
Shares of Seattle Genetics (SGEN) traded up 0.62% on Tuesday, hitting $62.15. 303,350 shares of the stock were exchanged. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The stock’s market cap is $8.89 billion. The company’s 50 day moving average is $53.86 and its 200-day moving average is $57.70.
Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $108.20 million for the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.23) earnings per share. Analysts predict that Seattle Genetics will post ($1.69) EPS for the current fiscal year.
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In other news, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $47.54, for a total transaction of $475,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Vaughn B. Himes sold 6,377 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $305,394.53. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,929 shares of company stock worth $8,342,308. Insiders own 34.70% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Seattle Genetics by 6,338.2% during the first quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock worth $456,845,000 after purchasing an additional 7,154,776 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Seattle Genetics by 8,672.2% during the second quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock worth $36,460,000 after purchasing an additional 696,640 shares during the period. Capital International Investors lifted its holdings in shares of Seattle Genetics by 34.3% during the second quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock worth $140,970,000 after purchasing an additional 695,986 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Seattle Genetics during the first quarter worth $29,521,000. Finally, Janus Capital Management LLC lifted its holdings in shares of Seattle Genetics by 321.2% during the first quarter. Janus Capital Management LLC now owns 527,400 shares of the biotechnology company’s stock worth $33,153,000 after purchasing an additional 402,200 shares during the period. Institutional investors and hedge funds own 97.63% 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 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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