Seattle Genetics (NASDAQ:SGEN) Given New $167.00 Price Target at SVB Leerink

Seattle Genetics (NASDAQ:SGEN) had its price target boosted by SVB Leerink from $155.00 to $167.00 in a research note published on Tuesday, AnalystRatings.com reports. The firm currently has an outperform rating on the biotechnology company’s stock.

Several other research firms have also commented on SGEN. Morgan Stanley upped their price objective on Seattle Genetics from $111.00 to $149.00 and gave the stock an equal weight rating in a research note on Monday, May 4th. JMP Securities assumed coverage on Seattle Genetics in a research note on Tuesday, May 26th. They issued an outperform rating and a $185.00 price objective on the stock. Piper Sandler boosted their price objective on Seattle Genetics from $135.00 to $155.00 and gave the company an overweight rating in a research note on Monday, April 27th. William Blair reissued a buy rating on shares of Seattle Genetics in a report on Friday, April 3rd. Finally, BidaskClub cut shares of Seattle Genetics from a buy rating to a hold rating in a research note on Wednesday, May 27th. One investment 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. Seattle Genetics currently has a consensus rating of Buy and a consensus price target of $147.42.

Seattle Genetics stock opened at $169.92 on Tuesday. Seattle Genetics has a 52-week low of $63.02 and a 52-week high of $175.64. The company has a market cap of $28.45 billion, a P/E ratio of -90.38 and a beta of 1.42. The business has a 50-day simple moving average of $158.02 and a two-hundred day simple moving average of $127.98.

Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.17). Seattle Genetics had a negative return on equity of 16.51% and a negative net margin of 32.81%. The business had revenue of $234.51 million during the quarter, compared to analysts’ expectations of $207.59 million. During the same period in the previous year, the business posted ($0.08) EPS. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts forecast that Seattle Genetics will post -2.8 EPS for the current fiscal year.

In other news, CEO Clay B. Siegall sold 28,472 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $120.01, for a total transaction of $3,416,924.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles R. Romp sold 5,056 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $166.18, for a total value of $840,206.08. Following the transaction, the executive vice president now owns 54,575 shares of the company’s stock, valued at $9,069,273.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 700,756 shares of company stock valued at $110,414,053. 31.10% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Capital International Investors increased its holdings in shares of Seattle Genetics by 1.1% in the 1st quarter. Capital International Investors now owns 18,471,566 shares of the biotechnology company’s stock worth $2,131,249,000 after buying an additional 209,264 shares during the last quarter. BlackRock Inc. grew its position in Seattle Genetics by 12.2% in the first quarter. BlackRock Inc. now owns 11,039,007 shares of the biotechnology company’s stock worth $1,273,681,000 after acquiring an additional 1,201,388 shares in the last quarter. Baillie Gifford & Co. grew its position in Seattle Genetics by 0.6% in the first quarter. Baillie Gifford & Co. now owns 4,280,810 shares of the biotechnology company’s stock worth $493,919,000 after acquiring an additional 24,181 shares in the last quarter. State Street Corp increased its stake in Seattle Genetics by 3.8% during 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. Finally, Geode Capital Management LLC raised its position in Seattle Genetics by 6.0% during the first quarter. Geode Capital Management LLC now owns 1,465,893 shares of the biotechnology company’s stock valued at $169,001,000 after purchasing an additional 83,052 shares during the period. Institutional investors and hedge funds own 94.33% of the company’s stock.

About Seattle Genetics

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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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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