Seattle Genetics (NASDAQ:SGEN) Stock Rating Upgraded by ValuEngine

Seattle Genetics (NASDAQ:SGEN) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, ValuEngine reports.

A number of other research firms also recently weighed in on SGEN. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 target price on shares of Seattle Genetics in a research report on Friday, February 7th. Oppenheimer upped their target price on shares of Seattle Genetics from $110.00 to $124.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Morgan Stanley reduced their target price on shares of Seattle Genetics from $123.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $113.00 target price on shares of Seattle Genetics in a research report on Monday, January 27th. Finally, Piper Sandler dropped their price target on shares of Seattle Genetics to in a research note on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $120.76.

Seattle Genetics stock traded up $7.96 during mid-day trading on Thursday, reaching $124.47. 1,182,293 shares of the company traded hands, compared to its average volume of 1,169,550. The firm’s 50 day moving average price is $110.46 and its 200 day moving average price is $106.08. The firm has a market capitalization of $20.07 billion, a price-to-earnings ratio of -127.01 and a beta of 1.42. Seattle Genetics has a 52-week low of $62.90 and a 52-week high of $124.76.

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

In other news, insider Roger D. Dansey sold 350 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $116.33, for a total transaction of $40,715.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clay B. Siegall sold 28,472 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $111.32, for a total transaction of $3,169,503.04. The disclosure for this sale can be found here. Insiders have sold a total of 93,766 shares of company stock worth $10,527,157 in the last 90 days. Company insiders own 33.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Seattle Genetics by 10.0% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,100 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 100 shares during the last quarter. Utah Retirement Systems increased its holdings in Seattle Genetics by 0.5% in the 4th quarter. Utah Retirement Systems now owns 21,840 shares of the biotechnology company’s stock worth $2,495,000 after acquiring an additional 100 shares in the last quarter. JGP Global Gestao de Recursos Ltda. increased its holdings in Seattle Genetics by 0.5% in the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 23,290 shares of the biotechnology company’s stock worth $2,661,000 after acquiring an additional 120 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in Seattle Genetics in the 4th quarter worth approximately $4,456,000. Finally, Tradewinds Capital Management LLC increased its holdings in Seattle Genetics by 18.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 1,147 shares of the biotechnology company’s stock worth $131,000 after acquiring an additional 175 shares in the last quarter. 94.63% of the stock is owned by hedge funds and other 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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