Seattle Genetics (SGEN) Price Target Lowered to $64.00 at Piper Jaffray Companies

Seattle Genetics (NASDAQ:SGEN) had its target price lowered by Piper Jaffray Companies to $64.00 in a research note released on Thursday morning, The Fly reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

Several other analysts have also weighed in on SGEN. reaffirmed a hold rating on shares of Seattle Genetics in a report on Monday, October 22nd. Zacks Investment Research raised shares of Seattle Genetics from a hold rating to a buy rating and set a $80.00 price target for the company in a report on Tuesday, October 23rd. BidaskClub lowered shares of Seattle Genetics from a buy rating to a hold rating in a report on Wednesday, October 24th. HC Wainwright reissued a buy rating and issued a $98.00 price target on shares of Seattle Genetics in a report on Friday, October 26th. Finally, Bank of America lowered shares of Seattle Genetics from a neutral rating to an underperform rating in a report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $80.82.

NASDAQ SGEN opened at $65.02 on Thursday. The company has a market cap of $10.44 billion, a PE ratio of -39.41 and a beta of 2.39. Seattle Genetics has a 1-year low of $47.75 and a 1-year high of $84.37.

Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, February 7th. The biotechnology company reported ($0.75) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.36). The firm had revenue of $174.50 million for the quarter, compared to analyst estimates of $164.03 million. Seattle Genetics had a negative return on equity of 19.33% and a negative net margin of 34.01%. The business’s quarterly revenue was up 34.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.41) EPS. Equities research analysts forecast that Seattle Genetics will post -0.44 EPS for the current year.

In other news, Director David W. Gryska sold 5,000 shares of Seattle Genetics stock in a transaction on Tuesday, January 8th. The shares were sold at an average price of $65.04, for a total transaction of $325,200.00. Following the transaction, the director now directly owns 50,050 shares of the company’s stock, valued at $3,255,252. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 20,148 shares of Seattle Genetics stock in a transaction on Tuesday, January 8th. The stock was sold at an average price of $65.73, for a total transaction of $1,324,328.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 61,463 shares of company stock worth $3,840,215. Insiders own 33.80% of the company’s stock.

Large investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC acquired a new stake in shares of Seattle Genetics during the fourth quarter worth $57,000. Financial Architects Inc raised its holdings in shares of Seattle Genetics by 60.2% during the fourth quarter. Financial Architects Inc now owns 1,331 shares of the biotechnology company’s stock worth $75,000 after acquiring an additional 500 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in shares of Seattle Genetics during the third quarter worth $104,000. Paradigm Asset Management Co. LLC acquired a new stake in shares of Seattle Genetics during the third quarter worth $108,000. Finally, ETF Managers Group LLC raised its holdings in shares of Seattle Genetics by 17.9% during the fourth quarter. ETF Managers Group LLC now owns 2,537 shares of the biotechnology company’s stock worth $144,000 after acquiring an additional 386 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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