Seattle Genetics, Inc. (NASDAQ:SGEN) – Investment analysts at Oppenheimer Holdings lowered their Q4 2017 earnings estimates for shares of Seattle Genetics in a research note issued on Thursday. Oppenheimer Holdings analyst L. Cann now forecasts that the biotechnology company will earn ($0.47) per share for the quarter, down from their previous estimate of ($0.37). Oppenheimer Holdings currently has a “Hold” rating on the stock.
A number of other equities analysts also recently weighed in on SGEN. Cowen and Company reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Sunday, October 29th. SunTrust Banks, Inc. set a $52.00 target price on shares of Seattle Genetics and gave the company a “hold” rating in a research note on Friday, October 27th. J P Morgan Chase & Co raised their target price on shares of Seattle Genetics from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Cantor Fitzgerald set a $46.00 target price on shares of Seattle Genetics and gave the company a “hold” rating in a research note on Wednesday, August 16th. Finally, Bank of America Corporation raised shares of Seattle Genetics from an “underperform” rating to a “neutral” rating in a research note on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $63.00.
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Seattle Genetics (NASDAQ:SGEN) opened at $61.38 on Monday. Seattle Genetics has a one year low of $45.31 and a one year high of $75.36.
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, 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 business had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. During the same quarter last year, the firm earned ($0.23) earnings per share. The business’s revenue for the quarter was up 27.3% on a year-over-year basis.
In related news, CFO Todd E. Simpson sold 39,385 shares of Seattle Genetics stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $60.91, for a total transaction of $2,398,940.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 18,832 shares of Seattle Genetics stock in a transaction 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. In the last 90 days, insiders have sold 196,733 shares of company stock worth $10,543,551. 34.70% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its stake in shares of Seattle Genetics by 12.4% during the 2nd quarter. Legal & General Group Plc now owns 109,089 shares of the biotechnology company’s stock valued at $5,644,000 after buying an additional 12,005 shares in the last quarter. Teachers Advisors LLC lifted its stake in Seattle Genetics by 24.0% in the 1st quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock worth $22,438,000 after purchasing an additional 69,140 shares in the last quarter. Spark Investment Management LLC lifted its stake in Seattle Genetics by 166.5% in the 2nd quarter. Spark Investment Management LLC now owns 139,100 shares of the biotechnology company’s stock worth $7,197,000 after purchasing an additional 86,900 shares in the last quarter. State of Wisconsin Investment Board lifted its stake in Seattle Genetics by 104.4% in the 2nd quarter. State of Wisconsin Investment Board now owns 40,343 shares of the biotechnology company’s stock worth $2,087,000 after purchasing an additional 20,610 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Seattle Genetics by 6.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors own 97.48% 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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