Seattle Genetics, Inc. (NASDAQ:SGEN) Expected to Post Quarterly Sales of $254.27 Million

Wall Street analysts expect Seattle Genetics, Inc. (NASDAQ:SGEN) to announce $254.27 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for Seattle Genetics’ earnings, with the lowest sales estimate coming in at $240.73 million and the highest estimate coming in at $268.69 million. Seattle Genetics posted sales of $218.45 million in the same quarter last year, which suggests a positive year-over-year growth rate of 16.4%. The firm is expected to issue its next earnings results on Tuesday, July 21st.

On average, analysts expect that Seattle Genetics will report full-year sales of $1.08 billion for the current financial year, with estimates ranging from $1.03 billion to $1.13 billion. For the next year, analysts forecast that the business will report sales of $1.56 billion, with estimates ranging from $1.39 billion to $1.73 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Seattle Genetics.

Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.98) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.81) by ($0.17). The company had revenue of $234.51 million during the quarter, compared to analyst estimates of $207.59 million. Seattle Genetics had a negative net margin of 32.81% and a negative return on equity of 16.51%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.08) EPS.

SGEN has been the topic of a number of recent research reports. Barclays reissued a “hold” rating on shares of Seattle Genetics in a report on Sunday, May 3rd. BidaskClub downgraded Seattle Genetics from a “buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Guggenheim upgraded Seattle Genetics from a “neutral” rating to a “buy” rating in a research note on Friday, May 1st. JMP Securities initiated coverage on Seattle Genetics in a research note on Tuesday, May 26th. They issued an “outperform” rating and a $185.00 price target on the stock. Finally, Cfra lifted their price target on Seattle Genetics from $122.00 to $129.00 and gave the company a “sell” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $147.42.

NASDAQ:SGEN opened at $169.92 on Wednesday. The firm has a market cap of $28.45 billion, a P/E ratio of -90.38 and a beta of 1.42. The stock’s 50 day simple moving average is $158.02 and its 200-day simple moving average is $127.98. Seattle Genetics has a 12-month low of $63.02 and a 12-month high of $175.64.

In other news, EVP Jean I. Liu sold 9,877 shares of the business’s stock in a transaction on Friday, June 19th. The stock was sold at an average price of $165.00, for a total value of $1,629,705.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker sold 500,000 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $158.50, for a total value of $79,250,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 700,756 shares of company stock valued at $110,414,053. Insiders own 31.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Seattle Genetics by 3.8% in the first quarter. State Street Corp now owns 3,229,723 shares of the biotechnology company’s stock worth $372,645,000 after acquiring an additional 117,760 shares during the last quarter. Morgan Stanley increased its stake in Seattle Genetics by 140.0% in the first quarter. Morgan Stanley now owns 416,929 shares of the biotechnology company’s stock valued at $48,105,000 after purchasing an additional 243,222 shares during the last quarter. 1832 Asset Management L.P. increased its stake in Seattle Genetics by 40.2% in the first quarter. 1832 Asset Management L.P. now owns 937,700 shares of the biotechnology company’s stock valued at $107,002,000 after purchasing an additional 268,800 shares during the last quarter. Samlyn Capital LLC increased its stake in Seattle Genetics by 207.3% in the first quarter. Samlyn Capital LLC now owns 587,623 shares of the biotechnology company’s stock valued at $67,800,000 after purchasing an additional 396,394 shares during the last quarter. Finally, Fred Alger Management LLC increased its stake in Seattle Genetics by 11.0% in the first quarter. Fred Alger Management LLC now owns 147,775 shares of the biotechnology company’s stock valued at $17,050,000 after purchasing an additional 14,686 shares during the last quarter. 94.33% of the stock is owned by institutional investors.

Seattle Genetics Company Profile

Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.

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Earnings History and Estimates for Seattle Genetics (NASDAQ:SGEN)

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