Seattle Genetics (NASDAQ:SGEN) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday, BidAskClub reports.
Several other analysts also recently weighed in on SGEN. Zacks Investment Research raised shares of Seattle Genetics from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Stifel Nicolaus began coverage on shares of Seattle Genetics in a research note on Wednesday, April 10th. They issued a “hold” rating and a $70.00 price target for the company. Piper Jaffray Companies reissued a “hold” rating on shares of Seattle Genetics in a research note on Thursday, March 28th. ValuEngine downgraded shares of Seattle Genetics from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 1st. Finally, Royal Bank of Canada boosted their price target on shares of Seattle Genetics from $89.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. Seattle Genetics currently has an average rating of “Buy” and a consensus target price of $81.58.
Shares of NASDAQ:SGEN opened at $69.18 on Thursday. Seattle Genetics has a 52-week low of $47.75 and a 52-week high of $84.37. The firm has a market capitalization of $11.13 billion, a P/E ratio of -41.93 and a beta of 2.30.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, February 7th. The biotechnology company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.36). The business had revenue of $174.50 million during the quarter, compared to the consensus estimate of $164.03 million. Seattle Genetics had a negative return on equity of 19.33% and a negative net margin of 34.01%. The business’s revenue for the quarter was up 34.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.41) earnings per share. As a group, analysts predict that Seattle Genetics will post -1.01 EPS for the current fiscal year.
In other news, CFO Todd E. Simpson sold 10,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $75.00, for a total transaction of $750,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clay B. Siegall sold 20,148 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $69.19, for a total transaction of $1,394,040.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,944 shares of company stock valued at $6,945,020. Insiders own 33.80% of the company’s stock.
Several large investors have recently modified their holdings of SGEN. Frontier Capital Management Co. LLC raised its stake in shares of Seattle Genetics by 943.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,166,968 shares of the biotechnology company’s stock valued at $66,120,000 after acquiring an additional 1,055,173 shares during the last quarter. American Century Companies Inc. bought a new position in shares of Seattle Genetics during the fourth quarter valued at about $44,729,000. Norges Bank bought a new position in shares of Seattle Genetics during the fourth quarter valued at about $44,082,000. First Trust Advisors LP raised its stake in shares of Seattle Genetics by 13.0% during the fourth quarter. First Trust Advisors LP now owns 2,011,114 shares of the biotechnology company’s stock valued at $113,950,000 after acquiring an additional 231,919 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Seattle Genetics by 107.5% during the third quarter. Morgan Stanley now owns 296,026 shares of the biotechnology company’s stock valued at $22,830,000 after acquiring an additional 153,370 shares during the last quarter.
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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