Seattle Genetics (SGEN) Earns “Hold” Rating from Cowen
Seattle Genetics (NASDAQ:SGEN)‘s stock had its “hold” rating reiterated by Cowen in a note issued to investors on Monday. They currently have a $54.00 price target on the biotechnology company’s stock. Cowen’s price objective indicates a potential downside of 2.28% from the company’s current price.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Tuesday, October 10th. Jefferies Group reissued a “buy” rating and issued a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, September 14th. Guggenheim reissued a “buy” rating and issued a $72.00 price target on shares of Seattle Genetics in a research note on Monday, October 23rd. HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of Seattle Genetics in a research note on Friday, October 27th. Finally, TheStreet raised Seattle Genetics from a “d” rating to a “c” rating in a research report on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Seattle Genetics presently has a consensus rating of “Hold” and an average price target of $63.76.
Shares of Seattle Genetics (NASDAQ SGEN) traded down $4.00 during midday trading on Monday, hitting $55.26. The company had a trading volume of 3,185,500 shares, compared to its average volume of 970,810. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. The business had revenue of $135.29 million during the quarter, compared to analysts’ expectations of $112.76 million. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) EPS. research analysts expect that Seattle Genetics will post -0.93 earnings per share for the current year.
In other news, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total transaction of $1,152,141.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric Dobmeier sold 3,729 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $58.75, for a total value of $219,078.75. The disclosure for this sale can be found here. Insiders have sold 138,378 shares of company stock valued at $8,229,957 in the last ninety days. Company insiders own 34.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Legal & General Group Plc lifted its holdings in shares of Seattle Genetics by 12.4% during the second quarter. Legal & General Group Plc now owns 109,089 shares of the biotechnology company’s stock worth $5,644,000 after buying an additional 12,005 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Seattle Genetics by 6.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock valued at $2,080,000 after purchasing an additional 2,500 shares in the last quarter. State of Wisconsin Investment Board raised its stake in shares of Seattle Genetics by 104.4% in the second quarter. State of Wisconsin Investment Board now owns 40,343 shares of the biotechnology company’s stock valued at $2,087,000 after purchasing an additional 20,610 shares in the last quarter. Bristlecone Advisors LLC acquired a new position in shares of Seattle Genetics in the third quarter valued at $180,000. Finally, South Dakota Investment Council raised its stake in shares of Seattle Genetics by 46.8% in the third quarter. South Dakota Investment Council now owns 49,900 shares of the biotechnology company’s stock valued at $2,715,000 after purchasing an additional 15,900 shares in the last quarter. Institutional investors own 98.94% of the company’s stock.
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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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