Equities research analysts at CIBC began coverage on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a report issued on Thursday. The firm set a “market perform” rating on the stock.
Other analysts have also issued reports about the stock. Royal Bank of Canada set a $80.00 price target on shares of Seattle Genetics and gave the company a “buy” rating in a research report on Thursday, January 5th. HC Wainwright reissued a “buy” rating and set a $65.00 price target on shares of Seattle Genetics in a research report on Friday, February 10th. Barclays PLC lowered shares of Seattle Genetics from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $53.00 to $70.00 in a research report on Tuesday, November 29th. Cowen and Company reissued a “hold” rating and set a $47.00 price target on shares of Seattle Genetics in a research report on Monday, December 12th. Finally, Cantor Fitzgerald set a $43.00 price target on shares of Seattle Genetics and gave the company a “hold” rating in a research report on Friday, December 9th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $57.64.
Seattle Genetics (NASDAQ:SGEN) opened at 66.72 on Thursday. Seattle Genetics has a 12-month low of $32.40 and a 12-month high of $75.36. The company has a 50 day moving average of $64.32 and a 200-day moving average of $59.50. The stock’s market cap is $9.51 billion.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Thursday, February 9th. The company reported ($0.39) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by $0.05. The firm had revenue of $105.30 million for the quarter, compared to analysts’ expectations of $106.49 million. Seattle Genetics had a negative net margin of 33.51% and a negative return on equity of 20.86%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.18) earnings per share. Equities analysts forecast that Seattle Genetics will post ($1.86) earnings per share for the current year.
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In related news, insider Clay B. Siegall sold 14,465 shares of the stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $57.89, for a total value of $837,378.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 43,395 shares of company stock worth $2,711,754. 33.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of SGEN. Baker BROS. Advisors LP acquired a new position in shares of Seattle Genetics during the third quarter valued at $2,381,857,000. Norges Bank acquired a new position in shares of Seattle Genetics during the fourth quarter valued at $57,470,000. State Street Corp increased its position in shares of Seattle Genetics by 29.4% in the fourth quarter. State Street Corp now owns 2,566,041 shares of the company’s stock valued at $135,404,000 after buying an additional 582,978 shares during the period. Lagoda Investment Management L.P. acquired a new position in shares of Seattle Genetics during the third quarter valued at $30,627,000. Finally, Redmile Group LLC increased its position in shares of Seattle Genetics by 29.0% in the third quarter. Redmile Group LLC now owns 1,781,470 shares of the company’s stock valued at $96,217,000 after buying an additional 399,993 shares during the period. Institutional investors own 98.43% of the company’s stock.
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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