Seattle Genetics, Inc. (SGEN) Given “Neutral” Rating at Goldman Sachs Group, Inc. (The)
Seattle Genetics, Inc. (NASDAQ:SGEN)‘s stock had its “neutral” rating restated by analysts at Goldman Sachs Group, Inc. (The) in a research note issued to investors on Friday.
Other equities research analysts have also issued research reports about the stock. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Seattle Genetics in a report on Thursday, June 15th. BidaskClub lowered shares of Seattle Genetics from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Barclays PLC reissued a “hold” rating on shares of Seattle Genetics in a report on Friday, June 23rd. J P Morgan Chase & Co reissued a “neutral” rating and set a $55.00 price objective (down previously from $58.00) on shares of Seattle Genetics in a report on Tuesday, June 20th. Finally, Cann reissued a “hold” rating on shares of Seattle Genetics in a report on Monday, June 19th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Seattle Genetics currently has a consensus rating of “Hold” and an average price target of $60.57.
Seattle Genetics (NASDAQ SGEN) traded down 1.73% during mid-day trading on Friday, hitting $57.33. 388,127 shares of the company’s 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 capitalization is $8.20 billion. The firm has a 50 day moving average of $52.08 and a 200 day moving average of $57.87.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The firm had revenue of $108.20 million for the quarter, compared to analyst estimates of $105.92 million. During the same quarter in the prior year, the firm earned ($0.23) EPS. The company’s revenue was up 13.4% on a year-over-year basis. Equities analysts forecast that Seattle Genetics will post ($1.68) earnings per share for the current fiscal year.
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In other Seattle Genetics news, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $54.54, for a total transaction of $545,400.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Darren S. Cline sold 1,788 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 $85,627.32. The disclosure for this sale can be found here. Insiders have sold a total of 164,929 shares of company stock worth $8,342,308 over the last 90 days. Corporate insiders own 34.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Verition Fund Management LLC bought a new position in shares of Seattle Genetics during the 2nd quarter worth approximately $338,000. Tower Research Capital LLC TRC grew its stake in shares of Seattle Genetics by 6,835.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,300 shares of the biotechnology company’s stock worth $223,000 after acquiring an additional 4,238 shares in the last quarter. DRW Securities LLC bought a new position in shares of Seattle Genetics during the 2nd quarter worth approximately $207,000. The Manufacturers Life Insurance Company grew its stake in shares of Seattle Genetics by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock worth $250,000 after acquiring an additional 299 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Seattle Genetics by 6.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after acquiring an additional 2,500 shares in the last quarter. 97.63% of the stock is owned by institutional investors.
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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