Seattle Genetics (SGEN) Lowered to Sell at BidaskClub

BidaskClub lowered shares of Seattle Genetics (NASDAQ:SGEN) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other analysts also recently issued reports on SGEN. Cantor Fitzgerald set a $46.00 price objective on Seattle Genetics and gave the stock a hold rating in a research report on Monday, October 2nd. SunTrust Banks reissued a hold rating and set a $45.00 price objective on shares of Seattle Genetics in a research report on Wednesday, October 4th. Goldman Sachs Group reissued a neutral rating and set a $64.00 price objective on shares of Seattle Genetics in a research report on Friday, October 6th. Zacks Investment Research raised 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. Finally, Oppenheimer started coverage on Seattle Genetics in a research report on Tuesday, October 10th. They set a hold rating for the company. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Seattle Genetics presently has an average rating of Hold and a consensus target price of $63.76.

Shares of Seattle Genetics (NASDAQ:SGEN) opened at $50.95 on Friday. Seattle Genetics has a 52 week low of $45.31 and a 52 week high of $71.32. The stock has a market capitalization of $7,330.00, a price-to-earnings ratio of -58.56 and a beta of 2.37.

Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. The business had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The company’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same period last year, the company earned ($0.23) EPS. research analysts predict that Seattle Genetics will post -0.93 EPS for the current year.

In other Seattle Genetics news, COO Eric Dobmeier sold 35,000 shares of Seattle Genetics stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $58.25, for a total value of $2,038,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Todd E. Simpson sold 39,385 shares of Seattle Genetics stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $60.91, for a total value of $2,398,940.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,210 shares of company stock valued at $9,094,911. 34.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SGEN. Schwab Charles Investment Management Inc. grew its position in Seattle Genetics by 6.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 296,212 shares of the biotechnology company’s stock valued at $15,327,000 after acquiring an additional 17,130 shares in the last quarter. Prudential Financial Inc. grew its position in Seattle Genetics by 6.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,291 shares of the biotechnology company’s stock valued at $325,000 after acquiring an additional 400 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Seattle Genetics in the 2nd quarter valued at about $343,000. Alliancebernstein L.P. boosted its stake in shares of Seattle Genetics by 1.1% in the 2nd quarter. Alliancebernstein L.P. now owns 57,241 shares of the biotechnology company’s stock valued at $2,962,000 after buying an additional 603 shares during the period. Finally, Teachers Advisors LLC boosted its stake in shares of Seattle Genetics by 55.2% in the 2nd quarter. Teachers Advisors LLC now owns 554,091 shares of the biotechnology company’s stock valued at $28,669,000 after buying an additional 197,143 shares during the period. 98.89% of the stock is owned by institutional investors.

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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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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