Seattle Genetics (NASDAQ:SGEN) Rating Lowered to Hold at BidaskClub

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BidaskClub cut shares of Seattle Genetics (NASDAQ:SGEN) from a buy rating to a hold rating in a research report sent to investors on Wednesday, October 24th.

Other equities analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Seattle Genetics from a hold rating to a buy rating and set a $85.00 price target on the stock in a report on Thursday, August 23rd. Needham & Company LLC lifted their target price on shares of Seattle Genetics from $74.00 to $79.00 and gave the company a buy rating in a report on Monday, July 30th. ValuEngine upgraded shares of Seattle Genetics from a hold rating to a buy rating in a report on Tuesday, June 26th. SunTrust Banks set a $81.00 target price on shares of Seattle Genetics and gave the company a buy rating in a report on Friday, July 27th. Finally, Barclays reaffirmed a buy rating and set a $80.00 price target on shares of Seattle Genetics in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $77.77.

Shares of SGEN traded up $3.04 during mid-day trading on Wednesday, reaching $57.43. 3,234,270 shares of the company’s stock were exchanged, compared to its average volume of 1,006,414. Seattle Genetics has a 52-week low of $47.75 and a 52-week high of $84.37. The stock has a market cap of $8.78 billion, a price-to-earnings ratio of -65.26 and a beta of 2.18.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, October 25th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.27) by ($0.15). Seattle Genetics had a negative return on equity of 19.13% and a negative net margin of 26.58%. The firm had revenue of $169.42 million for the quarter, compared to analyst estimates of $164.75 million. On average, equities analysts expect that Seattle Genetics will post -1.45 earnings per share for the current year.

In other news, insider Vaughn B. Himes sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $76.99, for a total value of $384,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Clay B. Siegall sold 20,148 shares of the business’s stock in a transaction that occurred on Monday, October 8th. The stock was sold at an average price of $77.39, for a total transaction of $1,559,253.72. The disclosure for this sale can be found here. Insiders have sold a total of 131,699 shares of company stock valued at $9,668,393 over the last three months. 33.80% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in SGEN. Capital International Investors raised its holdings in shares of Seattle Genetics by 53.6% during the third quarter. Capital International Investors now owns 9,414,375 shares of the biotechnology company’s stock valued at $726,037,000 after acquiring an additional 3,285,237 shares during the period. Baker BROS. Advisors LP increased its stake in Seattle Genetics by 3.0% in the 2nd quarter. Baker BROS. Advisors LP now owns 51,046,060 shares of the biotechnology company’s stock valued at $3,388,948,000 after buying an additional 1,470,651 shares during the period. Point72 Asset Management L.P. bought a new stake in Seattle Genetics in the second quarter worth approximately $83,840,000. First Trust Advisors LP grew its position in Seattle Genetics by 70.7% in the third quarter. First Trust Advisors LP now owns 1,779,195 shares of the biotechnology company’s stock worth $137,212,000 after acquiring an additional 736,621 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in Seattle Genetics in the second quarter worth approximately $37,747,000.

Seattle Genetics Company Profile

Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.

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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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