Seattle Genetics, Inc. (NASDAQ:SGEN) had its price objective upped by investment analysts at J P Morgan Chase & Co from $55.00 to $60.00 in a research note issued on Monday, October 30th. The firm currently has a “neutral” rating on the biotechnology company’s stock. J P Morgan Chase & Co’s price objective indicates a potential upside of 4.90% from the stock’s previous close.
SGEN has been the topic of a number of other research reports. Guggenheim restated a “buy” rating and set a $72.00 target price on shares of Seattle Genetics in a research note on Monday, October 23rd. Royal Bank Of Canada initiated coverage on shares of Seattle Genetics in a research note on Thursday, September 14th. They set an “outperform” rating and a $58.00 target price on the stock. ValuEngine cut shares of Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $64.00 price target on shares of Seattle Genetics in a research note on Friday, October 6th. Finally, Cowen and Company reiterated a “hold” rating on shares of Seattle Genetics in a research note on Sunday, October 29th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $63.53.
Seattle Genetics (SGEN) opened at $57.20 on Monday. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $73.99.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The company had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. During the same quarter last year, the firm earned ($0.23) earnings per share. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. analysts forecast that Seattle Genetics will post -1.01 earnings per share for the current year.
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In related news, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $58.00, for a total transaction of $1,092,256.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Todd E. Simpson sold 39,385 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $60.91, for a total transaction of $2,398,940.35. The disclosure for this sale can be found here. Insiders have sold 215,565 shares of company stock valued at $11,635,807 in the last three months. 34.70% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP increased its stake in shares of Seattle Genetics by 116.5% in the third quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock worth $144,000 after acquiring an additional 1,428 shares during the period. First Manhattan Co. increased its stake in shares of Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after acquiring an additional 750 shares during the period. Bristlecone Advisors LLC acquired a new stake in shares of Seattle Genetics in the third quarter worth $180,000. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Seattle Genetics in the third quarter worth $208,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Seattle Genetics in the first quarter worth $240,000. Hedge funds and other institutional investors own 98.45% 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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