Equities research analysts at Oppenheimer Holdings, Inc. started coverage on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a research report issued to clients and investors on Tuesday. The brokerage set a “hold” rating on the biotechnology company’s stock.
A number of other research analysts have also issued reports on SGEN. Cantor Fitzgerald set a $46.00 price target on shares of Seattle Genetics and gave the company a “hold” rating in a research note on Wednesday, August 16th. Zacks Investment Research upgraded shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Tuesday. SunTrust Banks, Inc. restated a “hold” rating and set a $45.00 price target on shares of Seattle Genetics in a research note on Wednesday, October 4th. BidaskClub lowered shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Barclays PLC reiterated a “hold” rating on shares of Seattle Genetics in a research note on Friday, June 23rd. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $61.00.
Shares of Seattle Genetics (NASDAQ:SGEN) traded up 0.16% during midday trading on Tuesday, hitting $57.66. 368,837 shares of the company traded hands. The stock’s market capitalization is $8.25 billion. The company has a 50-day moving average price of $52.72 and a 200-day moving average price of $57.68. Seattle Genetics has a 52 week low of $45.31 and a 52 week high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The business had revenue of $108.20 million for the quarter, compared to analyst estimates of $105.92 million. During the same quarter in the prior year, the business posted ($0.23) EPS. Seattle Genetics’s revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts anticipate that Seattle Genetics will post ($1.69) earnings per share for the current fiscal year.
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In related news, insider Vaughn B. Himes sold 6,377 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $47.89, for a total transaction of $305,394.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $475,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,929 shares of company stock worth $8,342,308. 34.70% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. First Manhattan Co. lifted its holdings in Seattle Genetics by 31.3% during the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after purchasing an additional 750 shares in the last quarter. Miles Capital Inc. purchased a new position in Seattle Genetics during the first quarter valued at $226,000. Oppenheimer Asset Management Inc. purchased a new position in Seattle Genetics during the first quarter valued at $240,000. Meeder Asset Management Inc. lifted its holdings in Seattle Genetics by 1,580.9% during the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock valued at $205,000 after purchasing an additional 3,715 shares in the last quarter. Finally, DRW Securities LLC purchased a new position in Seattle Genetics during the second quarter valued at $207,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.
Seattle Genetics Company Profile
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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