Seattle Genetics (NASDAQ:SGEN) Downgraded by ValuEngine to Hold

ValuEngine cut shares of Seattle Genetics (NASDAQ:SGEN) from a buy rating to a hold rating in a report issued on Monday, ValuEngine reports.

SGEN has been the subject of several other reports. JPMorgan Chase & Co. reiterated a buy rating on shares of Seattle Genetics in a research note on Friday, September 27th. Svb Leerink restated an outperform rating on shares of Seattle Genetics in a research note on Wednesday, October 2nd. Goldman Sachs Group upgraded shares of Seattle Genetics from a neutral rating to a buy rating and raised their price objective for the company from $78.00 to $100.00 in a research note on Friday, September 27th. BidaskClub upgraded shares of Seattle Genetics from a sell rating to a hold rating in a research note on Wednesday, September 25th. Finally, Leerink Swann set a $102.00 price objective on shares of Seattle Genetics and gave the company a buy rating in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Seattle Genetics has a consensus rating of Buy and an average price target of $97.60.

Shares of Seattle Genetics stock traded down $1.80 during trading on Monday, hitting $99.09. The company’s stock had a trading volume of 34,042 shares, compared to its average volume of 1,112,724. The company has a fifty day simple moving average of $77.82 and a two-hundred day simple moving average of $73.07. The company has a market capitalization of $14.13 billion, a PE ratio of -59.78 and a beta of 1.95. Seattle Genetics has a 52 week low of $50.71 and a 52 week high of $102.84.

In other news, insider Vaughn B. Himes sold 6,836 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $73.21, for a total value of $500,463.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Todd E. Simpson sold 12,500 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $80.00, for a total transaction of $1,000,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 192,859 shares of company stock worth $14,734,342. 33.80% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its position in Seattle Genetics by 1.7% in the second quarter. CIBC Asset Management Inc now owns 40,480 shares of the biotechnology company’s stock worth $2,802,000 after purchasing an additional 675 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Seattle Genetics by 117.0% during the second quarter. Prudential Financial Inc. now owns 14,651 shares of the biotechnology company’s stock valued at $1,014,000 after purchasing an additional 7,900 shares during the period. Westpac Banking Corp boosted its stake in shares of Seattle Genetics by 5.3% during the second quarter. Westpac Banking Corp now owns 64,588 shares of the biotechnology company’s stock valued at $4,470,000 after purchasing an additional 3,262 shares during the period. Gateway Investment Advisers LLC boosted its stake in shares of Seattle Genetics by 10.6% during the second quarter. Gateway Investment Advisers LLC now owns 68,897 shares of the biotechnology company’s stock valued at $4,768,000 after purchasing an additional 6,617 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Seattle Genetics by 39.0% during the second quarter. Janney Montgomery Scott LLC now owns 5,938 shares of the biotechnology company’s stock valued at $411,000 after purchasing an additional 1,665 shares during the period. 98.65% of the stock is currently owned by hedge funds and other institutional investors.

Seattle Genetics Company Profile

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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