BidaskClub Lowers Seattle Genetics (SGEN) to Buy

BidaskClub lowered shares of Seattle Genetics (NASDAQ:SGEN) from a strong-buy rating to a buy rating in a report issued on Tuesday.

A number of other equities analysts also recently issued reports on SGEN. SunTrust Banks upgraded Seattle Genetics from a hold rating to a buy rating and increased their price target for the stock from $60.00 to $80.00 in a research report on Monday, June 11th. ValuEngine upgraded Seattle Genetics from a hold rating to a buy rating in a research report on Tuesday, June 12th. TheStreet upgraded Seattle Genetics from a d+ rating to a c- rating in a research report on Thursday, June 28th. Zacks Investment Research upgraded Seattle Genetics from a hold rating to a buy rating and set a $75.00 price target on the stock in a research report on Tuesday, July 3rd. Finally, HC Wainwright reiterated a buy rating and set a $77.00 price target on shares of Seattle Genetics in a research report on Thursday, July 12th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Seattle Genetics presently has a consensus rating of Buy and a consensus price target of $77.57.

Shares of SGEN stock opened at $72.77 on Tuesday. The company has a market cap of $12.25 billion, a price-to-earnings ratio of -82.69 and a beta of 1.81. Seattle Genetics has a 12-month low of $47.75 and a 12-month high of $84.37.

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, July 26th. The biotechnology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.81. The company had revenue of $170.20 million for the quarter, compared to the consensus estimate of $141.07 million. Seattle Genetics had a negative return on equity of 21.01% and a negative net margin of 7.75%. Seattle Genetics’s revenue for the quarter was up 57.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.39) earnings per share. As a group, equities analysts forecast that Seattle Genetics will post -1.36 EPS for the current fiscal year.

In other news, CEO Clay B. Siegall sold 20,148 shares of the firm’s stock in a transaction that occurred on Monday, October 8th. The stock was sold at an average price of $77.39, for a total value of $1,559,253.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Darren S. Cline sold 4,784 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $74.23, for a total value of $355,116.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 137,782 shares of company stock worth $10,310,137. Company insiders own 33.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP lifted its position in Seattle Genetics by 3.0% during the second quarter. Baker BROS. Advisors LP now owns 51,046,060 shares of the biotechnology company’s stock worth $3,388,948,000 after buying an additional 1,470,651 shares in the last quarter. Paloma Partners Management Co lifted its position in Seattle Genetics by 69.0% during the second quarter. Paloma Partners Management Co now owns 26,018 shares of the biotechnology company’s stock worth $1,728,000 after buying an additional 10,619 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Seattle Genetics by 225.7% during the first quarter. JPMorgan Chase & Co. now owns 55,938 shares of the biotechnology company’s stock worth $2,927,000 after buying an additional 100,446 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in Seattle Genetics during the second quarter worth approximately $37,747,000. Finally, CIBC Asset Management Inc lifted its position in Seattle Genetics by 249.3% during the second quarter. CIBC Asset Management Inc now owns 16,897 shares of the biotechnology company’s stock worth $1,122,000 after buying an additional 12,060 shares in the last quarter.

About Seattle Genetics

Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.

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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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