Seattle Genetics, Inc. (NASDAQ:SGEN) Receives Average Rating of “Buy” from Brokerages

Seattle Genetics, Inc. (NASDAQ:SGEN) has earned a consensus rating of “Buy” from the twenty-two analysts that are presently covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $106.53.

SGEN has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $140.00 price target (up previously from $98.00) on shares of Seattle Genetics in a report on Tuesday, October 22nd. Barclays reissued a “buy” rating and issued a $117.00 price objective on shares of Seattle Genetics in a research note on Thursday, October 31st. Leerink Swann boosted their price objective on shares of Seattle Genetics from $102.00 to $120.00 and gave the company a “positive” rating in a research report on Tuesday, October 22nd. Cowen set a $80.00 price objective on shares of Seattle Genetics and gave the company a “hold” rating in a research report on Monday, October 21st. Finally, Svb Leerink restated an “outperform” rating on shares of Seattle Genetics in a research note on Wednesday, October 2nd.

In other Seattle Genetics news, Director Srinivas Akkaraju sold 17,500 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $119.78, for a total transaction of $2,096,150.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Roger D. Dansey sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $73.80, for a total transaction of $221,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 228,348 shares of company stock valued at $20,609,502. 33.80% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank raised its position in Seattle Genetics by 5.0% in the third quarter. Comerica Bank now owns 3,843 shares of the biotechnology company’s stock valued at $385,000 after purchasing an additional 184 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Seattle Genetics by 3.9% in the third quarter. Commonwealth Equity Services LLC now owns 5,428 shares of the biotechnology company’s stock valued at $463,000 after buying an additional 204 shares during the period. Gateway Investment Advisers LLC raised its holdings in Seattle Genetics by 0.3% in the 3rd quarter. Gateway Investment Advisers LLC now owns 69,126 shares of the biotechnology company’s stock valued at $5,903,000 after buying an additional 229 shares during the last quarter. NEXT Financial Group Inc raised its holdings in Seattle Genetics by 333.3% in the 3rd quarter. NEXT Financial Group Inc now owns 325 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Finally, World Asset Management Inc boosted its position in Seattle Genetics by 7.4% during the 3rd quarter. World Asset Management Inc now owns 3,827 shares of the biotechnology company’s stock worth $327,000 after buying an additional 264 shares during the period. Institutional investors own 96.60% of the company’s stock.

SGEN stock opened at $117.16 on Friday. Seattle Genetics has a 52 week low of $51.50 and a 52 week high of $122.36. The business has a 50-day simple moving average of $109.08 and a 200 day simple moving average of $82.04. The company has a market cap of $20.28 billion, a PE ratio of -71.01 and a beta of 2.03.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.19). Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. The firm had revenue of $213.26 million for the quarter, compared to analyst estimates of $211.85 million. During the same quarter in the previous year, the company earned ($0.42) earnings per share. The company’s quarterly revenue was up 25.9% on a year-over-year basis. As a group, analysts anticipate that Seattle Genetics will post -1.59 EPS for the current fiscal year.

About Seattle Genetics

Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.

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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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