TheStreet downgraded shares of Seattle Genetics, Inc. (NASDAQ:SGEN) from a c- rating to a d rating in a report issued on Tuesday.
Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald reiterated a hold rating and set a $43.00 price target on shares of Seattle Genetics in a research note on Monday, March 6th. HC Wainwright lifted their price target on Seattle Genetics from $65.00 to $75.00 and gave the company a buy rating in a research note on Friday, April 28th. Cann reiterated a hold rating on shares of Seattle Genetics in a research note on Thursday, April 27th. Zacks Investment Research upgraded Seattle Genetics from a sell rating to a hold rating in a research note on Tuesday, May 2nd. Finally, CIBC began coverage on Seattle Genetics in a research note on Thursday, March 16th. They set a market perform rating for the company. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Seattle Genetics currently has a consensus rating of Hold and an average target price of $59.21.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 62.09 on Tuesday. The company’s market cap is $8.86 billion. Seattle Genetics has a 12-month low of $32.40 and a 12-month high of $75.36. The company has a 50 day moving average of $64.40 and a 200-day moving average of $62.81.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by $0.01. The company had revenue of $109.10 million for the quarter, compared to the consensus estimate of $103.23 million. Seattle Genetics had a negative return on equity of 20.86% and a negative net margin of 33.51%. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.15) earnings per share. Equities research analysts anticipate that Seattle Genetics will post ($1.79) earnings per share for the current year.
In other news, insider Vaughn B. Himes sold 10,000 shares of the company’s stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $62.75, for a total transaction of $627,500.00. Following the completion of the transaction, the insider now directly owns 161,283 shares of the company’s stock, valued at $10,120,508.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Clay B. Siegall sold 14,465 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $68.04, for a total transaction of $984,198.60. Following the transaction, the chief executive officer now directly owns 646,858 shares of the company’s stock, valued at $44,012,218.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,930 shares of company stock valued at $2,522,849. Company insiders own 33.30% of the company’s stock.
Several institutional investors have recently modified their holdings of SGEN. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Seattle Genetics during the first quarter valued at approximately $119,000. Tradewinds Capital Management LLC increased its position in shares of Seattle Genetics by 2.3% in the first quarter. Tradewinds Capital Management LLC now owns 2,344 shares of the biotechnology company’s stock valued at $147,000 after buying an additional 52 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Seattle Genetics by 562.5% in the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock valued at $167,000 after buying an additional 2,250 shares during the period. Capital Fund Management S.A. purchased a new position in shares of Seattle Genetics during the first quarter valued at approximately $208,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Seattle Genetics by 40.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,248 shares of the biotechnology company’s stock valued at $229,000 after buying an additional 1,225 shares during the period. 98.43% of the stock is 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 is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).