Brokerages expect Seattle Genetics, Inc. (NASDAQ:SGEN) to announce earnings of ($0.46) per share for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Seattle Genetics’ earnings, with the highest EPS estimate coming in at ($0.38) and the lowest estimate coming in at ($0.55). Seattle Genetics reported earnings of ($0.39) per share in the same quarter last year, which would indicate a negative year over year growth rate of 17.9%. The business is scheduled to issue its next quarterly earnings report on Thursday, February 8th.
On average, analysts expect that Seattle Genetics will report full-year earnings of ($0.92) per share for the current fiscal year, with EPS estimates ranging from ($1.01) to ($0.84). For the next year, analysts anticipate that the business will report earnings of ($1.34) per share, with EPS estimates ranging from ($1.76) to ($0.09). Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that follow Seattle Genetics.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 32.41%. The firm had revenue of $135.29 million for the quarter, compared to the consensus estimate of $112.76 million. During the same quarter in the prior year, the company posted ($0.23) earnings per share. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year.
SGEN has been the topic of several research reports. Jefferies Group reiterated a “buy” rating and issued a $53.00 price target on shares of Seattle Genetics in a report on Thursday, October 26th. Zacks Investment Research upgraded shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Tuesday, October 10th. Cantor Fitzgerald set a $50.00 price target on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Monday, January 8th. Morgan Stanley increased their price target on shares of Seattle Genetics from $64.00 to $69.00 and gave the stock an “overweight” rating in a report on Tuesday, October 31st. Finally, Royal Bank of Canada increased their price target on shares of Seattle Genetics from $68.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 13th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $63.76.
In other news, CFO Todd E. Simpson sold 39,385 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $60.91, for a total transaction of $2,398,940.35. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $51.71, for a total value of $973,802.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 157,210 shares of company stock worth $9,094,911. Insiders own 34.70% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its position in shares of Seattle Genetics by 6.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 323,051 shares of the biotechnology company’s stock valued at $17,284,000 after buying an additional 18,490 shares in the last quarter. Creative Planning lifted its position in shares of Seattle Genetics by 22.5% during the 4th quarter. Creative Planning now owns 42,417 shares of the biotechnology company’s stock valued at $2,269,000 after buying an additional 7,797 shares in the last quarter. Gateway Investment Advisers LLC lifted its position in shares of Seattle Genetics by 40.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 67,161 shares of the biotechnology company’s stock valued at $3,593,000 after buying an additional 19,429 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Seattle Genetics by 727.3% during the 4th quarter. Bank of Montreal Can now owns 8,381 shares of the biotechnology company’s stock valued at $449,000 after buying an additional 7,368 shares in the last quarter. Finally, Griffin Asset Management Inc. purchased a new position in shares of Seattle Genetics during the 3rd quarter valued at approximately $260,000. Hedge funds and other institutional investors own 98.89% of the company’s stock.
Seattle Genetics (NASDAQ SGEN) traded up $1.61 on Wednesday, hitting $52.56. 1,862,587 shares of the stock traded hands, compared to its average volume of 957,482. Seattle Genetics has a 12-month low of $45.31 and a 12-month high of $71.32. The firm has a market capitalization of $7,530.00, a P/E ratio of -60.41 and a beta of 2.37.
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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).
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