Seattle Genetics (NASDAQ:SGEN) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Thursday.
Several other research firms have also commented on SGEN. Cowen reiterated a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, March 13th. Cann reiterated a “hold” rating on shares of Seattle Genetics in a research report on Thursday, May 17th. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of Seattle Genetics in a research report on Thursday, February 1st. Barclays began coverage on shares of Seattle Genetics in a research report on Tuesday, March 20th. They set an “overweight” rating and a $74.00 price objective for the company. Finally, Cantor Fitzgerald set a $50.00 price objective on shares of Seattle Genetics and gave the company a “hold” rating in a research report on Tuesday, March 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. Seattle Genetics presently has an average rating of “Hold” and a consensus price target of $64.00.
Seattle Genetics opened at $55.43 on Thursday, Marketbeat Ratings reports. Seattle Genetics has a 52 week low of $45.31 and a 52 week high of $68.59. The firm has a market cap of $8.74 billion, a price-to-earnings ratio of -62.99 and a beta of 1.84.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Thursday, April 26th. The biotechnology company reported ($0.73) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.42) by ($0.31). Seattle Genetics had a negative net margin of 34.51% and a negative return on equity of 29.74%. The business had revenue of $140.59 million for the quarter, compared to the consensus estimate of $119.04 million. During the same quarter last year, the business earned ($0.42) EPS. Seattle Genetics’s revenue for the quarter was up 28.8% compared to the same quarter last year. equities research analysts forecast that Seattle Genetics will post -1.68 EPS for the current fiscal year.
In other news, CMO Jonathan G. Drachman sold 10,457 shares of the stock in a transaction on Monday, March 5th. The shares were sold at an average price of $52.83, for a total value of $552,443.31. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Darren S. Cline sold 4,000 shares of the stock in a transaction on Thursday, May 3rd. The shares were sold at an average price of $53.81, for a total transaction of $215,240.00. The disclosure for this sale can be found here. In the last three months, insiders bought 972,105 shares of company stock worth $51,109,391 and sold 84,953 shares worth $4,622,291. Corporate insiders own 33.80% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. American International Group Inc. purchased a new position in Seattle Genetics in the 4th quarter worth about $121,000. Mckinley Capital Management LLC Delaware purchased a new position in Seattle Genetics in the 1st quarter worth about $121,000. Envestnet Asset Management Inc. increased its stake in Seattle Genetics by 82.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 2,861 shares of the biotechnology company’s stock worth $153,000 after buying an additional 1,294 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its stake in Seattle Genetics by 128.9% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,995 shares of the biotechnology company’s stock worth $209,000 after buying an additional 2,250 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in Seattle Genetics by 35.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,395 shares of the biotechnology company’s stock worth $230,000 after buying an additional 1,145 shares during the period.
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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