JPMorgan Chase & Co. Reiterates Buy Rating for Seattle Genetics (NASDAQ:SGEN)

Seattle Genetics (NASDAQ:SGEN)‘s stock had its “buy” rating restated by analysts at JPMorgan Chase & Co. in a note issued to investors on Monday, TipRanks reports.

A number of other brokerages also recently issued reports on SGEN. BTIG Research initiated coverage on shares of Seattle Genetics in a report on Monday, August 26th. They issued a “neutral” rating for the company. Oppenheimer increased their price target on shares of Seattle Genetics from $92.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday. Goldman Sachs Group upgraded shares of Seattle Genetics from a “neutral” rating to a “buy” rating and increased their price target for the company from $78.00 to $100.00 in a report on Friday, September 27th. Bank of America increased their price target on shares of Seattle Genetics from $58.00 to $83.00 and gave the company an “underperform” rating in a report on Tuesday. Finally, William Blair restated a “buy” rating on shares of Seattle Genetics in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $100.27.

Shares of SGEN traded up $1.32 during trading hours on Monday, reaching $99.96. The company had a trading volume of 1,145,930 shares, compared to its average volume of 929,707. The firm has a 50 day simple moving average of $78.34 and a 200-day simple moving average of $73.20. The company has a market capitalization of $15.79 billion, a price-to-earnings ratio of -60.58 and a beta of 1.95. Seattle Genetics has a 12-month low of $50.71 and a 12-month high of $102.84.

In other Seattle Genetics news, EVP Jean I. Liu sold 7,432 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $86.00, for a total transaction of $639,152.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Clay B. Siegall sold 20,149 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $76.52, for a total transaction of $1,541,801.48. The disclosure for this sale can be found here. Insiders have sold a total of 192,859 shares of company stock valued at $14,734,342 over the last 90 days. 33.80% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Gateway Investment Advisers LLC boosted its stake in shares of Seattle Genetics by 0.3% during the 3rd quarter. Gateway Investment Advisers LLC now owns 69,126 shares of the biotechnology company’s stock worth $5,903,000 after purchasing an additional 229 shares during the last quarter. NEXT Financial Group Inc boosted its stake in shares of Seattle Genetics by 333.3% during the 3rd quarter. NEXT Financial Group Inc now owns 325 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 250 shares during the last quarter. World Asset Management Inc boosted its stake in shares of 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 purchasing an additional 264 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Seattle Genetics by 4.1% during the 2nd quarter. Jane Street Group LLC now owns 7,663 shares of the biotechnology company’s stock worth $530,000 after purchasing an additional 304 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Seattle Genetics by 2.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,118 shares of the biotechnology company’s stock worth $908,000 after purchasing an additional 339 shares during the last quarter. 98.65% of the stock is currently owned by institutional investors.

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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