Royal Bank Of Canada Boosts Seattle Genetics (SGEN) Price Target to $69.00

Seattle Genetics (NASDAQ:SGEN) had its target price lifted by Royal Bank Of Canada from $68.00 to $69.00 in a research note issued to investors on Monday, November 13th, Marketbeat Ratings reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 16.06% from the company’s previous close.

SGEN has been the subject of several other research reports. Cantor Fitzgerald set a $46.00 target price on shares of Seattle Genetics and gave the company a “hold” rating in a report on Wednesday, August 16th. BidaskClub downgraded shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Cowen reiterated a “hold” rating and issued a $54.00 target price on shares of Seattle Genetics in a report on Friday, July 28th. Barclays increased their target price on shares of Seattle Genetics from $55.00 to $60.00 and gave the company an “equal weight” rating in a report on Monday, October 16th. Finally, Oppenheimer restated a “hold” rating on shares of Seattle Genetics in a report on Friday, September 8th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $63.53.

Shares of Seattle Genetics (SGEN) traded down $1.48 during midday trading on Monday, reaching $59.45. 931,023 shares of the company traded hands, compared to its average volume of 719,230. Seattle Genetics has a fifty-two week low of $45.31 and a fifty-two week high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The business had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. Seattle Genetics’s revenue was up 27.3% on a year-over-year basis. analysts predict that Seattle Genetics will post -0.93 EPS for the current year.

In other Seattle Genetics news, COO Eric Dobmeier sold 9,600 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $57.80, for a total transaction of $554,880.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of Seattle Genetics stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $53.49, for a total transaction of $1,007,323.68. The disclosure for this sale can be found here. Insiders sold 168,143 shares of company stock valued at $9,712,824 over the last 90 days. 34.70% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Quantbot Technologies LP lifted its position in Seattle Genetics by 116.5% during the third quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 1,428 shares during the last quarter. First Manhattan Co. lifted its holdings in shares of Seattle Genetics by 31.3% in the 2nd 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 last quarter. Bristlecone Advisors LLC bought a new stake in shares of Seattle Genetics in the 3rd quarter worth approximately $180,000. Virtu Financial LLC bought a new stake in shares of Seattle Genetics in the 3rd quarter worth approximately $203,000. Finally, Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Seattle Genetics in the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 98.97% of the company’s stock.

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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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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