SunTrust Banks, Inc. Analysts Give Seattle Genetics, Inc. (SGEN) a $52.00 Price Target

SunTrust Banks, Inc. set a $52.00 price target on Seattle Genetics, Inc. (NASDAQ:SGEN) in a report released on Friday. The brokerage currently has a hold rating on the biotechnology company’s stock.

Other research analysts also recently issued reports about the company. Jefferies Group LLC restated a buy rating and set a $53.00 target price on shares of Seattle Genetics in a research note on Thursday, July 27th. Zacks Investment Research upgraded Seattle Genetics from a hold rating to a buy rating and set a $64.00 target price on the stock in a research note on Tuesday, October 10th. Guggenheim restated a buy rating and set a $72.00 target price on shares of Seattle Genetics in a research note on Monday, October 23rd. HC Wainwright restated a buy rating and set a $75.00 target price on shares of Seattle Genetics in a research note on Friday. Finally, Barclays PLC boosted their target price on Seattle Genetics from $55.00 to $60.00 and gave the stock an equal weight rating in a research note on Monday, October 16th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $62.06.

Shares of Seattle Genetics (NASDAQ SGEN) opened at 62.73 on Friday. The stock’s market capitalization is $8.97 billion. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $75.36. The company’s 50 day moving average price is $57.53 and its 200 day moving average price is $57.66.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 33.16% and a negative net margin of 26.53%. The firm had revenue of $135.29 million for the quarter, compared to the consensus estimate of $112.76 million. During the same period in the previous year, the business earned ($0.23) EPS. The firm’s revenue for the quarter was up 27.3% on a year-over-year basis. On average, equities research analysts anticipate that Seattle Genetics will post ($1.69) EPS for the current year.

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In other news, EVP Darren S. Cline sold 6,000 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $49.19, for a total value of $295,140.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The disclosure for this sale can be found here. Insiders sold 173,761 shares of company stock worth $8,949,050 in the last 90 days. Company insiders own 34.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Seattle Genetics by 2.3% in the second quarter. Vanguard Group Inc. now owns 7,530,515 shares of the biotechnology company’s stock worth $389,628,000 after buying an additional 167,828 shares during the last quarter. BlackRock Inc. raised its holdings in Seattle Genetics by 2.6% in the 2nd quarter. BlackRock Inc. now owns 7,453,483 shares of the biotechnology company’s stock worth $385,644,000 after purchasing an additional 185,823 shares during the period. State Street Corp raised its holdings in Seattle Genetics by 10.9% in the 1st quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock worth $178,847,000 after purchasing an additional 279,079 shares during the period. Capital International Investors raised its holdings in Seattle Genetics by 34.3% in the 2nd quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock worth $140,970,000 after purchasing an additional 695,986 shares during the period. Finally, Matrix Capital Management Company LP raised its holdings in Seattle Genetics by 18.8% in the 2nd quarter. Matrix Capital Management Company LP now owns 2,118,000 shares of the biotechnology company’s stock worth $109,585,000 after purchasing an additional 335,000 shares during the period. Hedge funds and other institutional investors own 97.64% of the company’s stock.

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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