Seattle Genetics, Inc. (NASDAQ:SGEN) had its target price raised by Royal Bank Of Canada from $68.00 to $69.00 in a research report released on Monday morning, MarketBeat reports. The firm currently has an outperform rating on the biotechnology company’s stock.
Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald set a $46.00 price objective on shares of Seattle Genetics and gave the stock a hold rating in a research report on Wednesday, August 16th. BidaskClub downgraded shares of Seattle Genetics from a sell rating to a strong sell rating in a research report on Wednesday, August 2nd. Cowen and Company reaffirmed a hold rating on shares of Seattle Genetics in a research report on Sunday, October 29th. Morgan Stanley upped their price objective on shares of Seattle Genetics from $64.00 to $69.00 and gave the stock an overweight rating in a research report on Tuesday, October 31st. Finally, Barclays PLC 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 research report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $63.53.
Shares of Seattle Genetics (NASDAQ SGEN) traded down $0.42 during midday trading on Monday, hitting $58.87. 68,744 shares of the stock traded hands, compared to its average volume of 974,494. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $73.99.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the 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 firm had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. The business’s quarterly revenue was up 27.3% compared to the same quarter last year. sell-side analysts forecast that Seattle Genetics will post -0.93 EPS for the current fiscal year.
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In other Seattle Genetics news, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $47.54, for a total value of $475,400.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 18,832 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total transaction of $1,152,141.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 215,565 shares of company stock worth $11,635,807. 34.70% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in SGEN. Legal & General Group Plc lifted its position in Seattle Genetics by 12.4% during the 2nd quarter. Legal & General Group Plc now owns 109,089 shares of the biotechnology company’s stock valued at $5,644,000 after acquiring an additional 12,005 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Seattle Genetics by 6.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after acquiring an additional 2,500 shares during the period. Spark Investment Management LLC grew its stake in shares of Seattle Genetics by 166.5% in the second quarter. Spark Investment Management LLC now owns 139,100 shares of the biotechnology company’s stock worth $7,197,000 after acquiring an additional 86,900 shares during the period. State of Wisconsin Investment Board grew its stake in shares of Seattle Genetics by 104.4% in the second quarter. State of Wisconsin Investment Board now owns 40,343 shares of the biotechnology company’s stock worth $2,087,000 after acquiring an additional 20,610 shares during the period. Finally, Bristlecone Advisors LLC bought a new stake in shares of Seattle Genetics in the third quarter worth approximately $180,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.
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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