Seattle Genetics (NASDAQ:SGEN) Price Target Raised to $165.00

Seattle Genetics (NASDAQ:SGEN) had its price target upped by Goldman Sachs Group from $126.00 to $165.00 in a research note released on Tuesday morning, BenzingaRatingsTable reports. Goldman Sachs Group currently has a buy rating on the biotechnology company’s stock.

A number of other brokerages also recently weighed in on SGEN. Stifel Nicolaus raised their price objective on Seattle Genetics from $87.00 to $101.00 in a research note on Thursday, December 19th. William Blair reissued an outperform rating on shares of Seattle Genetics in a research note on Friday, February 7th. Leerink Swann raised their price objective on Seattle Genetics from $102.00 to $120.00 and gave the company a positive rating in a research note on Tuesday, October 22nd. ValuEngine downgraded Seattle Genetics from a buy rating to a hold rating in a research note on Tuesday, December 3rd. Finally, Piper Sandler cut their price objective on Seattle Genetics to in a research note on Friday, February 7th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $118.94.

Shares of SGEN stock opened at $118.07 on Tuesday. The stock’s 50 day simple moving average is $112.49 and its 200 day simple moving average is $97.59. Seattle Genetics has a twelve month low of $62.90 and a twelve month high of $124.32.

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, February 6th. The biotechnology company reported $0.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.60. Seattle Genetics had a negative return on equity of 13.99% and a negative net margin of 17.31%. The business had revenue of $289.80 million for the quarter, compared to the consensus estimate of $219.21 million. During the same period last year, the business earned ($0.75) EPS. The firm’s revenue was up 66.1% compared to the same quarter last year. On average, research analysts forecast that Seattle Genetics will post -2.95 EPS for the current year.

In other Seattle Genetics news, Director Marc E. Lippman sold 35,000 shares of Seattle Genetics stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $115.80, for a total value of $4,053,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Lip Bu Tan sold 50,000 shares of Seattle Genetics stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $67.09, for a total value of $3,354,500.00. Over the last ninety days, insiders sold 207,916 shares of company stock worth $21,550,901. Company insiders own 33.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SGEN. FMR LLC increased its position in Seattle Genetics by 116.1% in the 4th quarter. FMR LLC now owns 1,511,717 shares of the biotechnology company’s stock worth $172,729,000 after buying an additional 812,103 shares during the period. Marshall Wace North America L.P. bought a new position in Seattle Genetics in the 4th quarter worth approximately $80,060,000. Eagle Asset Management Inc. bought a new position in Seattle Genetics in the 4th quarter worth approximately $63,384,000. Lord Abbett & CO. LLC bought a new position in Seattle Genetics in the 4th quarter worth approximately $30,611,000. Finally, Samlyn Capital LLC bought a new position in Seattle Genetics in the 4th quarter worth approximately $21,850,000. 95.86% 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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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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