Seattle Genetics Inc. (NASDAQ:SGEN) was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a report released on Tuesday, The Fly reports.
Other analysts also recently issued research reports about the company. Royal Bank Of Canada boosted their target price on Seattle Genetics from $55.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, October 10th. Morgan Stanley started coverage on Seattle Genetics in a research report on Wednesday, September 7th. They issued an “overweight” rating and a $60.00 target price for the company. Leerink Swann boosted their target price on Seattle Genetics from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Monday, August 1st. RBC Capital Markets restated an “outperform” rating and issued a $62.00 target price (up previously from $55.00) on shares of Seattle Genetics in a research report on Monday, October 10th. Finally, TheStreet upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Friday, October 28th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Seattle Genetics has an average rating of “Hold” and an average price target of $51.53.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 66.99 on Tuesday. Seattle Genetics has a 52-week low of $26.02 and a 52-week high of $75.36. The firm’s 50-day moving average is $59.55 and its 200-day moving average is $48.78. The firm’s market cap is $9.48 billion.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, October 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.06. The firm earned $106.30 million during the quarter, compared to the consensus estimate of $4.34 million. Seattle Genetics had a negative return on equity of 16.27% and a negative net margin of 27.03%. The company’s revenue for the quarter was up 26.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.21) EPS. Analysts anticipate that Seattle Genetics will post ($0.95) earnings per share for the current year.
In related news, insider Clay B. Siegall sold 31,269 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $50.08, for a total value of $1,565,951.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Jonathan G. Drachman sold 2,249 shares of the company’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $56.75, for a total value of $127,630.75. Following the completion of the sale, the chief marketing officer now directly owns 115,504 shares in the company, valued at $6,554,852. The disclosure for this sale can be found here. 33.30% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Perigon Wealth Management LLC bought a new stake in Seattle Genetics during the second quarter worth approximately $1,212,000. State Board of Administration of Florida Retirement System boosted its stake in Seattle Genetics by 17.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 179,627 shares of the company’s stock worth $7,258,000 after buying an additional 26,935 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Seattle Genetics during the second quarter worth approximately $16,220,000. Vanguard Group Inc. boosted its stake in Seattle Genetics by 2.6% in the second quarter. Vanguard Group Inc. now owns 7,110,502 shares of the company’s stock worth $287,335,000 after buying an additional 178,403 shares in the last quarter. Finally, Eqis Capital Management Inc. boosted its stake in Seattle Genetics by 4.6% in the second quarter. Eqis Capital Management Inc. now owns 38,087 shares of the company’s stock worth $1,539,000 after buying an additional 1,658 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.
About Seattle Genetics
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).