Seattle Genetics (NASDAQ:SGEN) was upgraded by analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday, MarketBeat.com reports. The brokerage currently has a $75.00 price target on the biotechnology company’s stock, up from their previous price target of $64.00. Piper Jaffray Companies’ price objective indicates a potential downside of 2.13% from the company’s current price. Piper Jaffray Companies also issued estimates for Seattle Genetics’ Q3 2019 earnings at ($0.43) EPS, Q4 2019 earnings at ($0.43) EPS, FY2019 earnings at ($1.43) EPS, Q1 2020 earnings at ($0.01) EPS, Q2 2020 earnings at ($0.26) EPS, Q3 2020 earnings at ($0.17) EPS, Q4 2020 earnings at $0.02 EPS, FY2020 earnings at ($0.43) EPS, FY2021 earnings at ($0.02) EPS, FY2022 earnings at $1.75 EPS and FY2023 earnings at $4.06 EPS.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of Seattle Genetics in a research report on Sunday, April 28th. ValuEngine cut shares of Welbilt from a “hold” rating to a “sell” rating in a research report on Wednesday, June 12th. Stifel Nicolaus began coverage on shares of Seattle Genetics in a research report on Wednesday, April 10th. They issued a “hold” rating and a $70.00 price objective for the company. Zacks Investment Research raised shares of Hudson Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Berenberg Bank dropped their price target on shares of Lucara Diamond from C$1.60 to C$1.50 in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $84.08.

NASDAQ:SGEN opened at $76.64 on Wednesday. The stock has a market cap of $12.39 billion, a PE ratio of -46.45 and a beta of 2.05. The business’s 50 day moving average is $68.83. Seattle Genetics has a fifty-two week low of $50.71 and a fifty-two week high of $84.37.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Tuesday, July 16th. The biotechnology company reported ($0.49) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.10). Seattle Genetics had a negative return on equity of 17.16% and a negative net margin of 36.94%. The company had revenue of $218.45 million for the quarter, compared to analyst estimates of $189.76 million. During the same quarter in the prior year, the business earned $0.47 earnings per share. Seattle Genetics’s revenue was up 28.4% compared to the same quarter last year. Analysts forecast that Seattle Genetics will post -1.36 EPS for the current year.

In other news, CEO Clay B. Siegall sold 4,824 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $67.43, for a total transaction of $325,282.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Roger D. Dansey sold 5,416 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $68.60, for a total value of $371,537.60. The disclosure for this sale can be found here. Insiders have sold a total of 78,684 shares of company stock valued at $5,334,532 over the last three months. Company insiders own 33.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in SGEN. Spectrum Management Group Inc. bought a new stake in shares of Seattle Genetics during the 1st quarter worth approximately $34,000. Flagship Harbor Advisors LLC raised its stake in Seattle Genetics by 112.9% in the 1st quarter. Flagship Harbor Advisors LLC now owns 660 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 350 shares during the period. Captrust Financial Advisors raised its stake in Seattle Genetics by 167.4% in the 4th quarter. Captrust Financial Advisors now owns 893 shares of the biotechnology company’s stock valued at $51,000 after acquiring an additional 559 shares during the period. Quadrant Capital Group LLC raised its stake in Seattle Genetics by 424.7% in the 1st quarter. Quadrant Capital Group LLC now owns 850 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 688 shares during the period. Finally, Advisor Group Inc. raised its stake in Seattle Genetics by 20.8% in the 4th quarter. Advisor Group Inc. now owns 1,349 shares of the biotechnology company’s stock valued at $77,000 after acquiring an additional 232 shares during the period. Institutional investors own 99.79% of the company’s stock.

Seattle Genetics Company Profile

Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.

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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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