Seattle Genetics (SGEN) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports. They currently have $72.00 price target on the biotechnology company’s stock.
According to Zacks, “Seattle Genetics reported narrower-than-expected loss in Q1 while revenues beat estimates.Its sole marketed drug, Adcetris, is performing well since its launch. Adcetris’ recent label expansion in frontline stage III/IV Hodgkin lymphoma and in frontline CD30-expressing peripheral T-cell lymphomas (PTCL) bodes well for the company. The company’s collaboration with Takeda for the global development and commercialization of Adcetris also holds promise. However, its heavy dependence solely on Adcetris for growth is a concern. The recent label expansion of Merck’s Keytruda and Bristol-Myers’ Opdivo in the lymphoma indication will increase competition. Though the company has multiple candidates in its pipeline, maximum is in early developmental stages. Any regulatory setback for Adcetris could hurt its sales potential significantly.”
Several other research firms also recently weighed in on SGEN. TheStreet raised Seattle Genetics from a d+ rating to a c rating in a research report on Friday, February 1st. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Seattle Genetics in a research report on Sunday, April 28th. BidaskClub downgraded Seattle Genetics from a strong-buy rating to a buy rating in a research report on Thursday, April 18th. Royal Bank of Canada lifted their price objective on Seattle Genetics from $89.00 to $90.00 and gave the company an outperform rating in a research note on Friday, April 5th. Finally, ValuEngine upgraded Seattle Genetics from a buy rating to a strong-buy rating in a research note on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $83.55.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, April 25th. The biotechnology company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.25. The company had revenue of $195.20 million during the quarter, compared to the consensus estimate of $186.79 million. Seattle Genetics had a negative return on equity of 16.09% and a negative net margin of 17.52%. Seattle Genetics’s revenue was up 38.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.73) EPS. Equities research analysts anticipate that Seattle Genetics will post -1.36 earnings per share for the current year.
In other news, CEO Clay B. Siegall sold 20,148 shares of Seattle Genetics stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $69.19, for a total value of $1,394,040.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David W. Gryska sold 5,000 shares of Seattle Genetics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $73.41, for a total value of $367,050.00. The disclosure for this sale can be found here. Insiders sold a total of 100,768 shares of company stock valued at $7,328,530 in the last quarter. Company insiders own 33.80% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Spectrum Management Group Inc. purchased a new stake in Seattle Genetics during the first quarter worth approximately $34,000. Flagship Harbor Advisors LLC lifted its stake in Seattle Genetics by 112.9% during the first quarter. Flagship Harbor Advisors LLC now owns 660 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 350 shares during the last quarter. Captrust Financial Advisors lifted its stake in Seattle Genetics by 167.4% during the fourth quarter. Captrust Financial Advisors now owns 893 shares of the biotechnology company’s stock worth $51,000 after purchasing an additional 559 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in Seattle Genetics during the fourth quarter worth approximately $57,000. Finally, Quadrant Capital Group LLC lifted its stake in Seattle Genetics by 424.7% during the first quarter. Quadrant Capital Group LLC now owns 850 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 688 shares during the last quarter. Institutional investors and hedge funds 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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