Wall Street brokerages expect that Seattle Genetics, Inc. (NASDAQ:SGEN) will post $107.20 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Seattle Genetics’ earnings. The highest sales estimate is $114.50 million and the lowest is $103.00 million. Seattle Genetics posted sales of $95.40 million during the same quarter last year, which would suggest a positive year over year growth rate of 12.4%. The firm is expected to issue its next earnings results on Tuesday, July 25th.
According to Zacks, analysts expect that Seattle Genetics will report full year sales of $107.20 million for the current year, with estimates ranging from $428.60 million to $448.03 million. For the next fiscal year, analysts forecast that the business will post sales of $580.59 million per share, with estimates ranging from $532.00 million to $709.33 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Seattle Genetics.
Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by $0.01. The company had revenue of $109.10 million for the quarter, compared to analyst estimates of $103.23 million. Seattle Genetics had a negative net margin of 43.17% and a negative return on equity of 27.98%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.15) EPS.
Several analysts have weighed in on SGEN shares. TheStreet cut Seattle Genetics from a “c-” rating to a “d” rating in a report on Tuesday, May 9th. Zacks Investment Research raised Seattle Genetics from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. Leerink Swann boosted their price objective on Seattle Genetics from $70.00 to $74.00 and gave the stock an “outperform” rating in a report on Friday, April 7th. HC Wainwright boosted their price objective on Seattle Genetics from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Finally, Cann reissued a “hold” rating on shares of Seattle Genetics in a report on Thursday, April 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $60.86.
In related news, insider Clay B. Siegall sold 14,465 shares of the business’s stock in a transaction that occurred on Wednesday, April 5th. The stock was sold at an average price of $62.99, for a total value of $911,150.35. Following the completion of the transaction, the insider now directly owns 646,858 shares in the company, valued at approximately $40,745,585.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vaughn B. Himes sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $62.75, for a total value of $627,500.00. Following the completion of the transaction, the insider now owns 161,283 shares of the company’s stock, valued at $10,120,508.25. The disclosure for this sale can be found here. Insiders sold a total of 34,888 shares of company stock valued at $2,218,334 over the last quarter. 33.30% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of SGEN. Vanguard Group Inc. raised its position in shares of Seattle Genetics by 3.9% in the first quarter. Vanguard Group Inc. now owns 7,362,687 shares of the biotechnology company’s stock valued at $462,818,000 after buying an additional 275,044 shares in the last quarter. BlackRock Inc. raised its position in shares of Seattle Genetics by 6,338.2% in the first quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock valued at $456,845,000 after buying an additional 7,154,776 shares in the last quarter. State Street Corp raised its position in shares of Seattle Genetics by 10.9% in the first quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock valued at $178,847,000 after buying an additional 279,079 shares in the last quarter. Norges Bank acquired a new position in shares of Seattle Genetics during the fourth quarter valued at about $57,470,000. Finally, Geode Capital Management LLC raised its position in shares of Seattle Genetics by 8.3% in the first quarter. Geode Capital Management LLC now owns 795,339 shares of the biotechnology company’s stock valued at $49,976,000 after buying an additional 60,696 shares in the last quarter. Institutional investors and hedge funds own 98.04% of the company’s stock.
Seattle Genetics (SGEN) traded down 2.39% during trading on Friday, reaching $61.74. 1,460,389 shares of the company’s stock traded hands. Seattle Genetics has a 12 month low of $35.93 and a 12 month high of $75.36. The firm’s 50 day moving average is $63.99 and its 200-day moving average is $63.11. The company’s market capitalization is $8.81 billion.
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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