Other equities analysts also recently issued reports about the stock. Needham & Company LLC reissued a buy rating and set a $72.00 target price on shares of Seattle Genetics in a research report on Tuesday, June 20th. Jefferies Group LLC reissued a buy rating and set a $53.00 target price on shares of Seattle Genetics in a research report on Thursday, July 27th. Zacks Investment Research raised shares of Seattle Genetics from a hold rating to a buy rating and set a $64.00 target price on the stock in a research report on Tuesday. Cantor Fitzgerald reissued a hold rating and set a $43.00 target price on shares of Seattle Genetics in a research report on Monday, June 26th. Finally, Cann reissued a hold rating on shares of Seattle Genetics in a research report on Monday, June 19th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics presently has an average rating of Hold and an average price target of $61.00.
Seattle Genetics (SGEN) opened at 57.715 on Tuesday. Seattle Genetics has a 52 week low of $45.31 and a 52 week high of $75.36. The firm’s 50 day moving average price is $53.05 and its 200-day moving average price is $57.64. The firm’s market cap is $8.25 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.23) earnings per share. On average, analysts forecast that Seattle Genetics will post ($1.69) EPS for the current year.
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In related news, insider Vaughn B. Himes sold 10,000 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $53.22, for a total value of $532,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Darren S. Cline sold 1,788 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 $85,627.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,929 shares of company stock valued at $8,342,308. 34.70% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Manhattan Co. lifted 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 valued at $162,000 after buying an additional 750 shares during the period. Miles Capital Inc. bought a new position in Seattle Genetics during the first quarter worth about $226,000. Oppenheimer Asset Management Inc. bought a new position in Seattle Genetics during the first quarter worth about $240,000. Meeder Asset Management Inc. lifted 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 purchasing an additional 3,715 shares during the period. Finally, DRW Securities LLC bought a new position in Seattle Genetics during the second quarter worth about $207,000. Institutional investors and hedge funds own 97.63% 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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