Oppenheimer Reaffirms “Hold” Rating for Seattle Genetics (SGEN)

Oppenheimer reaffirmed their hold rating on shares of Seattle Genetics (NASDAQ:SGEN) in a report published on Tuesday morning.

SGEN has been the topic of several other reports. Barclays raised Seattle Genetics from an equal weight rating to an overweight rating and boosted their target price for the company from $60.00 to $70.00 in a research note on Friday, October 20th. HC Wainwright reissued a buy rating and set a $75.00 target price on shares of Seattle Genetics in a research note on Friday, October 27th. SunTrust Banks set a $52.00 target price on Seattle Genetics and gave the company a hold rating in a research note on Friday, October 27th. BidaskClub raised Seattle Genetics from a sell rating to a hold rating in a research note on Saturday, December 9th. Finally, Zacks Investment Research raised Seattle Genetics from a hold rating to a buy rating and set a $64.00 target price on the stock in a research note on Tuesday, October 10th. Thirteen equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $63.76.

Seattle Genetics (SGEN) opened at $55.01 on Tuesday. The company has a market capitalization of $7,920.00, a P/E ratio of -63.23 and a beta of 2.37. Seattle Genetics has a 12 month low of $45.31 and a 12 month high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, topping the Zacks’ 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 return on equity of 32.41% and a negative net margin of 26.53%. The business’s quarterly revenue was up 27.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.23) EPS. analysts predict that Seattle Genetics will post -0.93 EPS for the current year.

In other Seattle Genetics news, CFO Todd E. Simpson sold 39,385 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $60.91, for a total value of $2,398,940.35. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 value of $1,152,141.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,210 shares of company stock worth $9,273,250. 34.70% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Griffin Asset Management Inc. bought a new stake in Seattle Genetics in the third quarter worth $260,000. Virtu Financial LLC bought a new stake in Seattle Genetics in the third quarter worth $203,000. Capital Bank & Trust Co boosted its holdings in Seattle Genetics by 43.7% in the third quarter. Capital Bank & Trust Co now owns 834,519 shares of the biotechnology company’s stock worth $45,406,000 after acquiring an additional 253,753 shares in the last quarter. Capital International Investors boosted its holdings in Seattle Genetics by 63.7% in the third quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock worth $242,682,000 after acquiring an additional 1,735,657 shares in the last quarter. Finally, Capital Guardian Trust Co. boosted its holdings in Seattle Genetics by 82.2% in the third quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock worth $57,909,000 after acquiring an additional 480,044 shares in the last quarter. 98.89% of the stock is currently owned by institutional investors and hedge funds.

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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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