Seattle Genetics (SGEN) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a sell rating to a hold rating in a report published on Saturday morning.

Several other analysts have also recently issued reports on SGEN. Cantor Fitzgerald set a $46.00 price target on shares of Seattle Genetics and gave the stock a hold rating in a research report on Wednesday, August 16th. Oppenheimer reissued a hold rating on shares of Seattle Genetics in a research report on Thursday, December 7th. Barclays raised their target price on shares of Seattle Genetics from $55.00 to $60.00 and gave the company an equal weight rating in a report on Monday, October 16th. Cowen reaffirmed a hold rating on shares of Seattle Genetics in a report on Sunday, October 29th. Finally, Morgan Stanley raised their target price on shares of Seattle Genetics from $64.00 to $69.00 and gave the company an overweight rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Seattle Genetics currently has an average rating of Hold and an average target price of $63.76.

Shares of Seattle Genetics (SGEN) opened at $54.61 on Friday. Seattle Genetics has a 1 year low of $45.31 and a 1 year high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. The business had revenue of $135.29 million for the quarter, compared to analysts’ expectations of $112.76 million. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The business’s quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) earnings per share. research analysts predict that Seattle Genetics will post -0.93 earnings per share for the current year.

In other Seattle Genetics news, COO Eric Dobmeier sold 9,600 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $57.80, for a total value of $554,880.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Clay B. Siegall sold 18,832 shares of the 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 sold 138,378 shares of company stock worth $8,229,957 over the last quarter. 34.70% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. Legal & General Group Plc grew its position in shares of Seattle Genetics by 12.4% during the second 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 last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Seattle Genetics by 6.6% during the second 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 last quarter. State of Wisconsin Investment Board grew its position in shares of Seattle Genetics by 104.4% during the second 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 last quarter. Bristlecone Advisors LLC purchased a new position in shares of Seattle Genetics during the third quarter worth approximately $180,000. Finally, South Dakota Investment Council grew its position in shares of Seattle Genetics by 46.8% during the third quarter. South Dakota Investment Council now owns 49,900 shares of the biotechnology company’s stock worth $2,715,000 after acquiring an additional 15,900 shares during the last quarter. Institutional investors own 98.94% of the company’s stock.

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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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