Seattle Genetics, Inc. (SGEN) Stock Rating Upgraded by Bank of America Corporation

Seattle Genetics, Inc. (NASDAQ:SGEN) was upgraded by stock analysts at Bank of America Corporation from an “underperform” rating to a “neutral” rating in a research note issued on Friday.

SGEN has been the topic of a number of other research reports. Oppenheimer Holdings, Inc. assumed coverage on shares of Seattle Genetics in a research note on Tuesday, October 10th. They issued a “hold” rating on the stock. 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 Tuesday, October 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, July 27th. Cowen and Company reaffirmed a “hold” rating and issued a $54.00 price target on shares of Seattle Genetics in a research note on Friday, July 28th. Finally, BidaskClub lowered shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Seattle Genetics presently has a consensus rating of “Hold” and an average price target of $62.06.

Seattle Genetics (NASDAQ SGEN) traded up 2.52% on Friday, reaching $62.73. 1,338,135 shares of the company’s stock traded hands. The stock’s 50 day moving average is $57.53 and its 200 day moving average is $57.66. The firm’s market cap is $8.97 billion. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the Zacks’ 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 33.16%. 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 previous year, the firm posted ($0.23) earnings per share. The business’s revenue was up 27.3% on a year-over-year basis. On average, equities research analysts predict that Seattle Genetics will post ($1.69) EPS for the current fiscal year.

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In related news, CMO Jonathan G. Drachman sold 10,000 shares of the business’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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Clay B. Siegall sold 10,413 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $48.91, for a total transaction of $509,299.83. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,761 shares of company stock worth $8,949,050. 34.70% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc increased its holdings in Seattle Genetics by 12.4% during the second quarter. Legal & General Group Plc now owns 109,089 shares of the biotechnology company’s stock worth $5,644,000 after buying an additional 12,005 shares during the last quarter. Teachers Advisors LLC increased its holdings in Seattle Genetics by 24.0% during the first quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock worth $22,438,000 after buying an additional 69,140 shares during the last quarter. Spark Investment Management LLC increased its holdings in Seattle Genetics by 166.5% during the second quarter. Spark Investment Management LLC now owns 139,100 shares of the biotechnology company’s stock worth $7,197,000 after buying an additional 86,900 shares during the last quarter. State of Wisconsin Investment Board increased its holdings in Seattle Genetics by 104.4% during the second quarter. State of Wisconsin Investment Board now owns 40,343 shares of the biotechnology company’s stock worth $2,087,000 after buying an additional 20,610 shares during the last quarter. Finally, Morgan Stanley increased its holdings in Seattle Genetics by 10.9% during the first quarter. Morgan Stanley now owns 157,334 shares of the biotechnology company’s stock worth $9,890,000 after buying an additional 15,458 shares during the last quarter. Institutional investors and hedge funds own 97.64% 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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