Seattle Genetics’ (SGEN) “Buy” Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC reaffirmed their buy rating on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a report published on Thursday morning. They currently have a $53.00 price objective on the biotechnology company’s stock.
A number of other equities research analysts also recently weighed in on the company. TheStreet downgraded Seattle Genetics from a c- rating to a d rating in a research report on Tuesday, May 9th. Zacks Investment Research raised Seattle Genetics from a sell rating to a hold rating in a research report on Tuesday, May 2nd. Leerink Swann lifted their target price on Seattle Genetics from $70.00 to $74.00 and gave the stock an outperform rating in a research report on Friday, April 7th. HC Wainwright lifted their target price on Seattle Genetics from $65.00 to $75.00 and gave the stock a buy rating in a research report on Friday, April 28th. Finally, Cantor Fitzgerald reissued a hold rating and set a $43.00 target price on shares of Seattle Genetics in a research report on Monday, June 26th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $62.07.
Shares of Seattle Genetics (SGEN) traded up 0.88% during mid-day trading on Thursday, reaching $51.63. The company’s stock had a trading volume of 202,377 shares. The company has a 50 day moving average price of $56.38 and a 200 day moving average price of $61.90. Seattle Genetics has a 12 month low of $42.58 and a 12 month high of $75.36. The stock’s market capitalization is $7.37 billion.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The company had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative return on equity of 32.10% and a negative net margin of 47.38%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business posted ($0.23) earnings per share. On average, equities research analysts anticipate that Seattle Genetics will post ($1.65) earnings per share for the current fiscal year.
In related news, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total value of $640,100.00. Following the completion of the transaction, the chief marketing officer now owns 125,204 shares in the company, valued at approximately $8,014,308.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The disclosure for this sale can be found here. Insiders sold a total of 30,846 shares of company stock valued at $1,861,571 in the last 90 days. 33.30% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of SGEN. Atria Investments LLC boosted its position in Seattle Genetics by 3.5% in the first quarter. Atria Investments LLC now owns 4,207 shares of the biotechnology company’s stock valued at $264,000 after buying an additional 143 shares during the period. Parametrica Management Ltd bought a new position in Seattle Genetics during the first quarter valued at $372,000. Capstone Asset Management Co. boosted its position in Seattle Genetics by 7.4% in the first quarter. Capstone Asset Management Co. now owns 5,055 shares of the biotechnology company’s stock valued at $318,000 after buying an additional 350 shares during the period. Bank of Montreal Can boosted its position in Seattle Genetics by 280.2% in the first quarter. Bank of Montreal Can now owns 7,235 shares of the biotechnology company’s stock valued at $454,000 after buying an additional 5,332 shares during the period. Finally, Gulf International Bank UK Ltd boosted its position in Seattle Genetics by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 31,050 shares of the biotechnology company’s stock valued at $1,951,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors own 97.96% of the company’s stock.
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 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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