Seattle Genetics, Inc. (NASDAQ:SGEN) had its price target hoisted by Morgan Stanley from $64.00 to $69.00 in a research report report published on Tuesday morning. Morgan Stanley currently has an overweight rating on the biotechnology company’s stock.
Several other research firms have also recently weighed in on SGEN. Barclays PLC raised shares of Seattle Genetics from an equal weight rating to an overweight rating and increased their price target for the company from $60.00 to $70.00 in a report on Friday, October 20th. Zacks Investment Research cut shares of Seattle Genetics from a buy rating to a hold rating in a report on Monday, October 16th. SunTrust Banks, Inc. set a $52.00 price target on shares of Seattle Genetics and gave the company a hold rating in a report on Friday, October 27th. Cowen and Company reissued a hold rating on shares of Seattle Genetics in a report on Sunday. Finally, J P Morgan Chase & Co increased their price target on shares of Seattle Genetics from $55.00 to $60.00 and gave the company a neutral rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Seattle Genetics has a consensus rating of Hold and an average target price of $63.00.
Seattle Genetics (NASDAQ SGEN) traded down 1.5409% during trading on Tuesday, reaching $60.3653. The company’s stock had a trading volume of 860,823 shares. The company’s market cap is $8.63 billion. The company’s 50 day moving average price is $58.02 and its 200 day moving average price is $57.57. 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 earnings results 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. The business had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 33.16%. Seattle Genetics’s revenue was up 27.3% on a year-over-year basis. During the same period last year, the business posted ($0.23) EPS. On average, equities analysts anticipate that Seattle Genetics will post ($0.97) earnings per share for the current fiscal year.
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In related news, insider Vaughn B. Himes sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $53.22, for a total transaction of $532,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction that occurred on Wednesday, October 11th. The shares were 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 have sold a total of 173,761 shares of company stock worth $8,949,050 over the last 90 days. 34.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc increased its holdings in Seattle Genetics by 12.4% during the 2nd quarter. Legal & General Group Plc now owns 109,089 shares of the biotechnology company’s stock worth $5,644,000 after acquiring an additional 12,005 shares during the period. Teachers Advisors LLC increased its holdings in Seattle Genetics by 24.0% during the 1st quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock worth $22,438,000 after acquiring an additional 69,140 shares during the period. Spark Investment Management LLC increased its holdings in Seattle Genetics by 166.5% during the 2nd quarter. Spark Investment Management LLC now owns 139,100 shares of the biotechnology company’s stock worth $7,197,000 after acquiring an additional 86,900 shares during the period. State of Wisconsin Investment Board increased its holdings in Seattle Genetics by 104.4% during the 2nd quarter. State of Wisconsin Investment Board now owns 40,343 shares of the biotechnology company’s stock worth $2,087,000 after acquiring an additional 20,610 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Seattle Genetics by 6.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after acquiring an additional 2,500 shares during the period. 97.13% 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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