Seattle Genetics (SGEN) Downgraded by BidaskClub to Buy

BidaskClub lowered shares of Seattle Genetics (NASDAQ:SGEN) from a strong-buy rating to a buy rating in a report issued on Tuesday morning.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Seattle Genetics in a research report on Thursday, January 10th. Needham & Company LLC dropped their price target on Seattle Genetics to $73.00 and set a buy rating on the stock in a research report on Friday, October 26th. HC Wainwright reaffirmed a buy rating and set a $98.00 price target on shares of Seattle Genetics in a research report on Friday, October 26th. Zacks Investment Research raised Seattle Genetics from a hold rating to a buy rating and set a $80.00 price target on the stock in a research report on Tuesday, October 23rd. Finally, ValuEngine cut Seattle Genetics from a strong-buy rating to a buy rating in a research report on Saturday, October 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $80.82.

Shares of NASDAQ SGEN opened at $66.46 on Tuesday. Seattle Genetics has a one year low of $47.75 and a one year high of $84.37. The firm has a market cap of $10.44 billion, a PE ratio of -40.28 and a beta of 2.39.

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, February 7th. The biotechnology company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.36). Seattle Genetics had a negative net margin of 34.01% and a negative return on equity of 19.33%. The firm had revenue of $174.50 million for the quarter, compared to analysts’ expectations of $164.03 million. During the same period in the prior year, the company earned ($0.41) EPS. The firm’s quarterly revenue was up 34.6% on a year-over-year basis. As a group, sell-side analysts forecast that Seattle Genetics will post -0.44 earnings per share for the current fiscal year.

In related news, insider Vaughn B. Himes sold 5,000 shares of the business’s stock in a transaction on Friday, November 30th. The stock was sold at an average price of $62.14, for a total transaction of $310,700.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Clay B. Siegall sold 20,148 shares of the business’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $59.74, for a total value of $1,203,641.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,611 shares of company stock worth $5,153,260. 33.80% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in SGEN. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Seattle Genetics by 14.3% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 27,997 shares of the biotechnology company’s stock worth $1,586,000 after acquiring an additional 3,499 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Seattle Genetics by 13.8% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 16,500 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 2,000 shares during the last quarter. Sectoral Asset Management Inc increased its position in shares of Seattle Genetics by 753.2% during the 4th quarter. Sectoral Asset Management Inc now owns 112,029 shares of the biotechnology company’s stock valued at $6,348,000 after purchasing an additional 98,899 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Seattle Genetics by 65.6% during the 4th quarter. CIBC Asset Management Inc now owns 27,977 shares of the biotechnology company’s stock valued at $1,585,000 after purchasing an additional 11,080 shares during the last quarter. Finally, Emory University increased its position in shares of Seattle Genetics by 15.9% during the 4th quarter. Emory University now owns 41,539 shares of the biotechnology company’s stock valued at $2,354,000 after purchasing an additional 5,705 shares during the last quarter.

About Seattle Genetics

Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.

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