Cann reissued their hold rating on shares of Seattle Genetics (NASDAQ:SGEN) in a report issued on Monday.
“Adcetris, Seattle Genetics’ approved drug for Hodgkin’s lymphoma, had sales of $307.6 million, or 63.8%, of total revenue in 2017. We estimate that Adcetris sales will increase to $838.7 million in 2022. Studies from ECHELON-1 focusing on adolescent and young adults, advanced-stage classical Hodgkin’s lymphoma, and resolution of peripheral neuropathy, were positive. Preliminary data from CheckMate 436 showed compelling response rates. Detailed data at 2018 ASH from subsets of patients in the ECHELON-1 study continue to support adoption of Adcetris. 436 study are encouraging for use of Adcetris in combination with a checkpoint inhibitor in a new setting, NHL. Our outlook for Adcetris is unchanged, but we are encouraged by the results presented at 2018 ASH.”,” Cann’s analyst commented.
Several other research analysts also recently weighed in on SGEN. ValuEngine raised Seattle Genetics from a buy rating to a strong-buy rating in a research note on Friday, November 30th. Zacks Investment Research raised Seattle Genetics from a hold rating to a buy rating and set a $80.00 target price for the company in a research note on Tuesday, October 23rd. BidaskClub raised Seattle Genetics from a sell rating to a hold rating in a research note on Friday, November 30th. TheStreet downgraded Seattle Genetics from a c rating to a d+ rating in a research note on Thursday, October 25th. Finally, Bank of America downgraded Seattle Genetics from a neutral rating to an underperform rating in a research note on Friday, October 26th. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $77.77.
Shares of SGEN stock opened at $61.08 on Monday. The company has a market cap of $9.78 billion, a PE ratio of -69.41 and a beta of 2.20. Seattle Genetics has a 1-year low of $47.75 and a 1-year high of $84.37.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, October 25th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.15). The business had revenue of $169.42 million for the quarter, compared to analyst estimates of $164.75 million. Seattle Genetics had a negative return on equity of 19.13% and a negative net margin of 26.58%. Research analysts anticipate that Seattle Genetics will post -1.44 earnings per share for the current year.
In related news, insider Vaughn B. Himes sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $76.99, for a total transaction of $384,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 20,148 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $76.84, for a total value of $1,548,172.32. The disclosure for this sale can be found here. Insiders have sold 81,611 shares of company stock valued at $5,719,330 over the last quarter. 33.80% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of SGEN. Harvest Fund Management Co. Ltd purchased a new stake in Seattle Genetics in the 3rd quarter valued at $104,000. Paradigm Asset Management Co. LLC purchased a new stake in Seattle Genetics in the 3rd quarter valued at $108,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in Seattle Genetics in the 2nd quarter valued at $139,000. Glenmede Trust Co. NA grew its holdings in Seattle Genetics by 500.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 2,400 shares of the biotechnology company’s stock valued at $185,000 after buying an additional 2,000 shares in the last quarter. Finally, Hollencrest Capital Management purchased a new stake in Seattle Genetics in the 3rd quarter valued at $216,000.
Seattle Genetics Company Profile
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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