Seattle Genetics (NASDAQ:SGEN) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a sell rating to a hold rating in a report issued on Saturday morning, BidAskClub reports.

Several other research firms have also recently issued reports on SGEN. Deutsche Bank raised their target price on Seattle Genetics from $88.00 to $95.00 and gave the stock a hold rating in a research note on Tuesday, October 22nd. Svb Leerink restated an outperform rating on shares of Seattle Genetics in a research report on Wednesday, October 2nd. Morgan Stanley lowered their price target on Seattle Genetics from $123.00 to $115.00 and set an equal weight rating for the company in a research report on Friday, January 17th. Leerink Swann raised their price target on Seattle Genetics from $102.00 to $120.00 and gave the stock a positive rating in a research report on Tuesday, October 22nd. Finally, HC Wainwright reiterated a buy rating and issued a $140.00 target price on shares of Seattle Genetics in a report on Friday, December 13th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $112.06.

SGEN stock traded down $1.78 during midday trading on Friday, hitting $113.57. 1,896,136 shares of the company’s stock were exchanged, compared to its average volume of 811,011. The business has a 50-day simple moving average of $112.84 and a two-hundred day simple moving average of $93.01. The stock has a market capitalization of $19.77 billion, a PE ratio of -60.73 and a beta of 1.98. Seattle Genetics has a 1-year low of $62.90 and a 1-year high of $122.36.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.19). The business had revenue of $213.26 million for the quarter, compared to analyst estimates of $211.85 million. Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. Seattle Genetics’s revenue was up 25.9% compared to the same quarter last year. During the same period last year, the business earned ($0.42) EPS. Equities research analysts forecast that Seattle Genetics will post -1.57 earnings per share for the current fiscal year.

In related news, CEO Clay B. Siegall sold 28,472 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $107.61, for a total value of $3,063,871.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Marc E. Lippman sold 35,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $115.80, for a total value of $4,053,000.00. The disclosure for this sale can be found here. Insiders sold a total of 207,916 shares of company stock worth $21,351,597 in the last 90 days. 33.80% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. State Street Corp boosted its stake in shares of Seattle Genetics by 3.9% during the 3rd quarter. State Street Corp now owns 3,292,202 shares of the biotechnology company’s stock worth $281,154,000 after acquiring an additional 123,424 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in Seattle Genetics by 10.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 730,989 shares of the biotechnology company’s stock valued at $62,426,000 after buying an additional 66,989 shares in the last quarter. Pictet Asset Management Ltd. lifted its stake in Seattle Genetics by 20.5% in the 3rd quarter. Pictet Asset Management Ltd. now owns 667,826 shares of the biotechnology company’s stock valued at $57,032,000 after buying an additional 113,663 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in Seattle Genetics by 3,853.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 546,315 shares of the biotechnology company’s stock valued at $37,811,000 after buying an additional 532,497 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its stake in Seattle Genetics by 0.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 491,268 shares of the biotechnology company’s stock valued at $34,001,000 after buying an additional 2,813 shares in the last quarter. Hedge funds and other institutional investors own 95.76% of the company’s stock.

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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