A number of other research firms have also recently weighed in on SGEN. Cowen and Company set a $61.00 price objective on shares of Seattle Genetics and gave the company a hold rating in a research report on Tuesday, June 6th. Cantor Fitzgerald set a $43.00 price objective on shares of Seattle Genetics and gave the company a hold rating in a research report on Monday, June 19th. Cann reissued a hold rating on shares of Seattle Genetics in a research report on Monday, June 19th. ValuEngine raised shares of Seattle Genetics from a sell rating to a hold rating in a research report on Friday, June 2nd. Finally, J P Morgan Chase & Co reissued a hold rating and issued a $58.00 price objective on shares of Seattle Genetics in a research report on Tuesday, June 13th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Seattle Genetics currently has an average rating of Hold and a consensus price target of $62.29.
Seattle Genetics (NASDAQ SGEN) traded up 0.64% during mid-day trading on Friday, reaching $53.33. The company’s stock had a trading volume of 602,446 shares. The stock’s market capitalization is $7.63 billion. The stock’s 50 day moving average price is $49.62 and its 200 day moving average price is $59.48. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.03. The company had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.23) EPS. Analysts expect that Seattle Genetics will post ($1.69) EPS for the current fiscal year.
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In related news, CEO Clay B. Siegall sold 25,506 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $47.89, for a total transaction of $1,221,482.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Todd E. Simpson sold 4,937 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $236,432.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 156,520 shares of company stock worth $7,984,672. 34.70% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Manhattan Co. raised its stake in Seattle Genetics by 31.3% during 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. Daiwa Securities Group Inc. raised its stake in Seattle Genetics by 562.5% during the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock worth $167,000 after acquiring an additional 2,250 shares during the period. Meeder Asset Management Inc. raised its stake in Seattle Genetics by 1,580.9% during the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock worth $205,000 after acquiring an additional 3,715 shares during the period. DRW Securities LLC acquired a new stake in Seattle Genetics during the second quarter worth about $207,000. Finally, Capital Fund Management S.A. acquired a new stake in Seattle Genetics during the first quarter worth about $208,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.
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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