HC Wainwright Reiterates “Buy” Rating for Seattle Genetics, Inc. (SGEN)

HC Wainwright reaffirmed their buy rating on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a report published on Friday. The firm currently has a $75.00 price target on the biotechnology company’s stock.

Several other analysts have also recently issued reports on SGEN. Bank of America Corporation raised shares of Seattle Genetics from an underperform rating to a neutral rating in a research note on Friday. Cantor Fitzgerald set a $46.00 price objective on shares of Seattle Genetics and gave the company a hold rating in a research note on Wednesday, August 16th. Jefferies Group LLC reissued a buy rating and set a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, October 26th. BidaskClub cut shares of Seattle Genetics from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Finally, Barclays PLC boosted their price objective on shares of Seattle Genetics from $55.00 to $60.00 and gave the company an equal weight rating in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $62.35.

Seattle Genetics (NASDAQ SGEN) opened at 62.69 on Friday. Seattle Genetics has a 1-year low of $45.31 and a 1-year high of $75.36. The firm’s market capitalization is $8.97 billion. The firm’s 50-day moving average price is $57.80 and its 200-day moving average price is $57.55.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $135.29 million during the quarter, compared to analysts’ expectations of $112.76 million. During the same period in the previous year, the company earned ($0.23) EPS. The business’s quarterly revenue was up 27.3% compared to the same quarter last year. On average, equities research analysts predict that Seattle Genetics will post ($1.69) EPS for the current fiscal year.

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In other Seattle Genetics news, CEO Clay B. Siegall sold 25,506 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $47.89, for a total value of $1,221,482.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total transaction of $1,152,141.76. The disclosure for this sale can be found here. Insiders sold a total of 173,761 shares of company stock worth $8,949,050 in the last quarter. 34.70% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Crossmark Global Holdings Inc. acquired a new position in Seattle Genetics in the 3rd quarter worth $274,000. Pictet Asset Management Ltd. lifted its holdings in Seattle Genetics by 79.3% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock worth $68,906,000 after buying an additional 560,110 shares in the last quarter. Fox Run Management L.L.C. lifted its holdings in Seattle Genetics by 96.5% in the 3rd quarter. Fox Run Management L.L.C. now owns 22,200 shares of the biotechnology company’s stock worth $1,208,000 after buying an additional 10,900 shares in the last quarter. Bristlecone Advisors LLC acquired a new position in Seattle Genetics in the 3rd quarter worth $180,000. Finally, Verition Fund Management LLC acquired a new position in Seattle Genetics in the 2nd quarter worth $338,000. Hedge funds and other institutional investors own 97.13% 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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