SGEN has been the topic of a number of other research reports. Barclays PLC upgraded Seattle Genetics from an equal weight rating to an overweight rating and increased their price objective for the stock from $60.00 to $70.00 in a research report on Friday, October 20th. SunTrust Banks, Inc. set a $52.00 price objective on Seattle Genetics and gave the stock a hold rating in a research report on Friday, October 27th. HC Wainwright reiterated a buy rating and issued a $75.00 price objective on shares of Seattle Genetics in a research report on Friday, October 27th. BidaskClub downgraded Seattle Genetics from a sell rating to a strong sell rating in a research report on Wednesday, August 2nd. Finally, Jefferies Group LLC reiterated a buy rating and issued a $53.00 price objective on shares of Seattle Genetics in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Seattle Genetics presently has a consensus rating of Hold and a consensus target price of $63.00.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $135.29 million for the quarter, compared to the consensus estimate of $112.76 million. During the same quarter last year, the business posted ($0.23) earnings per share. The firm’s revenue was up 27.3% compared to the same quarter last year.
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In other news, CEO Clay B. Siegall sold 25,506 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $1,221,482.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Vaughn B. Himes sold 6,377 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $47.89, for a total value of $305,394.53. The disclosure for this sale can be found here. Insiders have sold 173,761 shares of company stock worth $8,949,050 over the last ninety days. Insiders own 34.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew 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 purchasing an additional 167,828 shares during the last quarter. BlackRock Inc. grew its stake in shares of Seattle Genetics by 2.6% in the second 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 last quarter. State Street Corp grew its stake in shares of Seattle Genetics by 10.9% in the first 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 last quarter. Capital International Investors grew its stake in shares of Seattle Genetics by 34.3% in the second 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 last quarter. Finally, Matrix Capital Management Company LP grew its stake in shares of Seattle Genetics by 18.8% in the second 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 last quarter. 97.13% of the stock is currently owned by institutional investors.
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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