Seattle Genetics, Inc. (SGEN) Announces Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Seattle Genetics, Inc. (NASDAQ:SGEN) announced its quarterly earnings results on Thursday. The biotechnology company reported ($0.19) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.23, Yahoo Finance reports. The business had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. Seattle Genetics’s quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) EPS.

Shares of Seattle Genetics (SGEN) opened at 61.19 on Friday. The company’s market cap is $8.75 billion. The firm’s 50-day moving average is $57.04 and its 200-day moving average is $57.64. Seattle Genetics has a one year low of $45.31 and a one year high of $75.36.

A number of research firms have commented on SGEN. Oppenheimer Holdings, Inc. began coverage on Seattle Genetics in a research note on Tuesday, October 10th. They issued a “hold” rating on the stock. Cantor Fitzgerald set a $46.00 price objective on Seattle Genetics and gave the company a “hold” rating in a report on Tuesday, October 10th. Jefferies Group LLC reiterated a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a report on Thursday, July 27th. Bank of America Corporation upgraded Seattle Genetics from an “underperform” rating to a “neutral” rating in a report on Friday. Finally, Cowen and Company restated a “hold” rating and issued a $54.00 price target on shares of Seattle Genetics in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Seattle Genetics has an average rating of “Hold” and an average price target of $61.65.

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In related news, EVP Darren S. Cline sold 1,788 shares of Seattle Genetics stock in a transaction on Monday, August 28th. The shares were sold at an average price of $47.89, for a total transaction of $85,627.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 10,413 shares of Seattle Genetics stock in a transaction on Monday, August 7th. The shares were sold at an average price of $48.91, for a total transaction of $509,299.83. The disclosure for this sale can be found here. Insiders have sold a total of 173,761 shares of company stock worth $8,949,050 in the last quarter. Corporate insiders own 34.70% of the company’s stock.

Seattle Genetics Company Profile

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).

Earnings History for Seattle Genetics (NASDAQ:SGEN)

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