Trade Report: The Seattle Genetics Inc. (SGEN) Rating Reiterated by RBC Capital Markets

The Seattle Genetics Inc. (SGEN) Rating Reiterated by RBC Capital Markets

Seattle Genetics Inc. (NASDAQ:SGEN)‘s stock had its “outperform” rating reaffirmed by investment analysts at RBC Capital Markets in a research note issued to investors on Monday. They presently have a $62.00 price objective on the stock, up from their prior price objective of $55.00. RBC Capital Markets’ price target points to a potential upside of 10.73% from the stock’s previous close.

SGEN has been the topic of several other reports. Morgan Stanley started coverage on Seattle Genetics in a research note on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 price target on the stock. Leerink Swann reissued a “buy” rating and issued a $62.00 price target on shares of Seattle Genetics in a research note on Friday, September 16th. Goldman Sachs Group Inc. lowered Seattle Genetics from a “neutral” rating to a “sell” rating in a research note on Friday, September 16th. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price target (up from $60.00) on shares of Seattle Genetics in a research note on Wednesday, June 29th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Seattle Genetics in a research note on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.53.

Shares of Seattle Genetics (NASDAQ:SGEN) opened at 55.99 on Monday. Seattle Genetics has a 12-month low of $26.02 and a 12-month high of $57.83. The stock has a 50 day moving average price of $51.63 and a 200 day moving average price of $43.12. The firm’s market cap is $7.87 billion.

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The firm had revenue of $95.40 million for the quarter, compared to analyst estimates of $94.56 million. During the same period in the previous year, the firm earned ($0.38) earnings per share. The company’s revenue was up 23.7% compared to the same quarter last year. On average, equities analysts expect that Seattle Genetics will post ($1.00) earnings per share for the current year.

In other Seattle Genetics news, insider Clay B. Siegall sold 14,465 shares of the company’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $54.41, for a total value of $787,040.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Jonathan G. Drachman sold 2,249 shares of the company’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $56.75, for a total value of $127,630.75. Following the completion of the transaction, the chief marketing officer now owns 115,504 shares of the company’s stock, valued at approximately $6,554,852. The disclosure for this sale can be found here. 33.30% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Seattle Genetics by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 3,595 shares of the company’s stock worth $145,000 after buying an additional 981 shares during the period. HighTower Advisors LLC purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $206,000. Carl Domino Inc purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $218,000. Levin Capital Strategies L.P. purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $218,000. Finally, Capstone Asset Management Co. purchased a new position in shares of Seattle Genetics during the second quarter worth approximately $222,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.

Seattle Genetics Company Profile

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