Seattle Genetics (NASDAQ:SGEN) had its price target hoisted by Needham & Company LLC from $163.00 to $188.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the biotechnology company’s stock.
A number of other equities research analysts have also recently issued reports on SGEN. ValuEngine cut shares of Seattle Genetics from a buy rating to a hold rating in a research report on Monday, May 4th. Barclays reiterated a hold rating on shares of Seattle Genetics in a research note on Sunday, May 3rd. HC Wainwright boosted their target price on Seattle Genetics from $150.00 to $175.00 and gave the stock a buy rating in a report on Friday, May 1st. JMP Securities began coverage on Seattle Genetics in a report on Tuesday, May 26th. They set an outperform rating and a $185.00 price target for the company. Finally, Royal Bank of Canada boosted their price objective on Seattle Genetics from $148.00 to $149.00 and gave the stock an outperform rating in a research note on Friday, May 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve 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 $147.42.
Shares of SGEN opened at $169.92 on Tuesday. The stock has a market cap of $28.45 billion, a PE ratio of -90.38 and a beta of 1.42. Seattle Genetics has a 1 year low of $63.02 and a 1 year high of $175.64. The stock has a 50 day simple moving average of $158.02 and a 200-day simple moving average of $127.98.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.17). The company had revenue of $234.51 million during the quarter, compared to the consensus estimate of $207.59 million. Seattle Genetics had a negative net margin of 32.81% and a negative return on equity of 16.51%. The business’s revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) earnings per share. As a group, analysts anticipate that Seattle Genetics will post -2.8 earnings per share for the current fiscal year.
In other Seattle Genetics news, EVP Charles R. Romp sold 5,056 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $166.18, for a total value of $840,206.08. Following the completion of the sale, the executive vice president now owns 54,575 shares of the company’s stock, valued at $9,069,273.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clay B. Siegall sold 28,472 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $120.01, for a total transaction of $3,416,924.72. The disclosure for this sale can be found here. Insiders sold 700,756 shares of company stock worth $110,414,053 in the last three months. Insiders own 31.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Capital International Investors grew its stake in Seattle Genetics by 1.1% in the first quarter. Capital International Investors now owns 18,471,566 shares of the biotechnology company’s stock valued at $2,131,249,000 after acquiring an additional 209,264 shares during the period. BlackRock Inc. lifted its holdings in shares of Seattle Genetics by 12.2% during the 1st quarter. BlackRock Inc. now owns 11,039,007 shares of the biotechnology company’s stock valued at $1,273,681,000 after purchasing an additional 1,201,388 shares in the last quarter. Baillie Gifford & Co. grew its position in shares of Seattle Genetics by 0.6% in the 1st quarter. Baillie Gifford & Co. now owns 4,280,810 shares of the biotechnology company’s stock valued at $493,919,000 after purchasing an additional 24,181 shares during the period. State Street Corp increased its stake in Seattle Genetics by 3.8% during the 1st quarter. State Street Corp now owns 3,229,723 shares of the biotechnology company’s stock worth $372,645,000 after purchasing an additional 117,760 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Seattle Genetics by 6.0% during the 1st quarter. Geode Capital Management LLC now owns 1,465,893 shares of the biotechnology company’s stock worth $169,001,000 after purchasing an additional 83,052 shares in the last quarter. Hedge funds and other institutional investors own 94.33% of the company’s stock.
About Seattle Genetics
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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