Seattle Genetics (SGEN) Stock Rating Reaffirmed by Needham & Company LLC

Seattle Genetics (NASDAQ:SGEN)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued on Wednesday, reports. They presently have a $74.00 price objective on the biotechnology company’s stock, up from their previous price objective of $72.00. Needham & Company LLC’s price target suggests a potential upside of 46.42% from the stock’s previous close.

Several other brokerages have also recently weighed in on SGEN. Jefferies Group reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a report on Thursday, October 26th. Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Tuesday, October 10th. Cantor Fitzgerald set a $50.00 price target on Seattle Genetics and gave the stock a “hold” rating in a report on Monday, January 8th. Morgan Stanley boosted their price target on Seattle Genetics from $64.00 to $69.00 and gave the stock an “overweight” rating in a report on Tuesday, October 31st. Finally, Royal Bank of Canada boosted their price target on Seattle Genetics from $68.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 13th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Seattle Genetics currently has a consensus rating of “Hold” and a consensus target price of $64.56.

Seattle Genetics (NASDAQ SGEN) opened at $50.54 on Wednesday. The firm has a market capitalization of $7,270.00, a price-to-earnings ratio of -56.79 and a beta of 2.08. Seattle Genetics has a fifty-two week low of $45.31 and a fifty-two week high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.02. The firm had revenue of $129.61 million during the quarter, compared to analysts’ expectations of $123.99 million. Seattle Genetics had a negative return on equity of 33.36% and a negative net margin of 26.03%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.39) EPS. equities research analysts predict that Seattle Genetics will post -1.25 EPS for the current year.

In other Seattle Genetics news, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $51.71, for a total value of $973,802.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bros. Advisors Lp Baker bought 3,846,153 shares of the stock in a transaction on Thursday, February 1st. The stock was purchased at an average cost of $52.00 per share, with a total value of $199,999,956.00. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 98,993 shares of company stock valued at $5,603,714. Insiders own 34.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Quantbot Technologies LP increased its holdings in Seattle Genetics by 116.5% in the 3rd quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock worth $144,000 after purchasing an additional 1,428 shares in the last quarter. Bristlecone Advisors LLC acquired a new position in Seattle Genetics in the 3rd quarter worth about $180,000. Virtu Financial LLC acquired a new position in Seattle Genetics in the 3rd quarter worth about $203,000. Caisse DE Depot ET Placement DU Quebec acquired a new position in Seattle Genetics in the 3rd quarter worth about $208,000. Finally, Trexquant Investment LP acquired a new position in Seattle Genetics in the 3rd quarter worth about $226,000. 98.92% of the stock is owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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