Seattle Genetics, Inc. (NASDAQ:SGEN) had its price target upped by investment analysts at Royal Bank Of Canada from $68.00 to $69.00 in a research note issued on Monday. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 20.63% from the stock’s current price.
Other equities analysts have also issued reports about the stock. Jefferies Group LLC restated a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Tuesday, October 10th. Guggenheim reaffirmed a “buy” rating and issued a $72.00 target price on shares of Seattle Genetics in a research note on Monday, October 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of Seattle Genetics in a research note on Friday, October 27th. Finally, Barclays PLC raised their target price on shares of Seattle Genetics from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $63.53.
Seattle Genetics (NASDAQ:SGEN) traded up $0.08 on Monday, reaching $57.20. 696,400 shares of the company traded hands, compared to its average volume of 976,462. Seattle Genetics has a one year low of $45.31 and a one year high of $73.99.
Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. The firm had revenue of $135.29 million during the quarter, compared to analyst estimates of $112.76 million. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The company’s quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.23) earnings per share. equities analysts forecast that Seattle Genetics will post -1.01 EPS for the current year.
In other news, insider Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $47.54, for a total transaction of $475,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,565 shares of company stock worth $11,635,807. Company insiders own 34.70% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of SGEN. Manning & Napier Advisors LLC purchased a new position in shares of Seattle Genetics in the 3rd quarter worth about $140,098,000. Capital International Investors raised its position in shares of Seattle Genetics by 63.7% in the 3rd quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock worth $242,682,000 after purchasing an additional 1,735,657 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Seattle Genetics by 8,672.2% in the 2nd quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock worth $36,460,000 after purchasing an additional 696,640 shares during the last quarter. Pictet Asset Management Ltd. raised its position in shares of Seattle Genetics by 79.3% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock worth $68,906,000 after purchasing an additional 560,110 shares during the last quarter. Finally, Capital Guardian Trust Co. raised its position in shares of Seattle Genetics by 82.2% in the 3rd quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock worth $57,909,000 after purchasing an additional 480,044 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.
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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