Seattle Genetics (NASDAQ:SGEN) Coverage Initiated by Analysts at Bank of America

Equities researchers at Bank of America assumed coverage on shares of Seattle Genetics (NASDAQ:SGEN) in a report issued on Tuesday, The Fly reports. The firm set a “neutral” rating on the biotechnology company’s stock.

SGEN has been the topic of several other research reports. Needham & Company LLC set a $121.00 price target on shares of Seattle Genetics and gave the stock a “buy” rating in a research report on Monday, October 21st. Stifel Nicolaus set a $74.00 price objective on shares of Seattle Genetics and gave the company a “hold” rating in a research report on Monday, September 30th. Deutsche Bank boosted their target price on shares of Seattle Genetics from $88.00 to $95.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer upped their target price on shares of Seattle Genetics from $92.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Barclays reissued a “buy” rating and set a $117.00 price target on shares of Seattle Genetics in a research note on Thursday, October 31st. Eight research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $103.73.

Shares of SGEN opened at $117.08 on Tuesday. The company has a market cap of $20.63 billion, a price-to-earnings ratio of -70.96 and a beta of 2.03. The stock has a fifty day moving average price of $106.96 and a two-hundred day moving average price of $81.25. Seattle Genetics has a 52-week low of $51.50 and a 52-week high of $122.36.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.19). Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. The business had revenue of $213.26 million for the quarter, compared to the consensus estimate of $211.85 million. During the same quarter in the previous year, the company posted ($0.42) EPS. Seattle Genetics’s revenue for the quarter was up 25.9% on a year-over-year basis. On average, sell-side analysts forecast that Seattle Genetics will post -1.59 EPS for the current fiscal year.

In other Seattle Genetics news, insider Roger D. Dansey sold 5,000 shares of Seattle Genetics stock in a transaction on Monday, November 25th. The shares were sold at an average price of $121.48, for a total transaction of $607,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Srinivas Akkaraju sold 17,500 shares of Seattle Genetics stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $119.78, for a total transaction of $2,096,150.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 228,348 shares of company stock worth $20,609,502. Corporate insiders own 33.80% of the company’s stock.

Several large investors have recently bought and sold shares of SGEN. Comerica Bank grew its holdings in Seattle Genetics by 5.0% during the third quarter. Comerica Bank now owns 3,843 shares of the biotechnology company’s stock valued at $385,000 after purchasing an additional 184 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Seattle Genetics by 3.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 5,428 shares of the biotechnology company’s stock valued at $463,000 after buying an additional 204 shares during the period. Gateway Investment Advisers LLC grew its holdings in shares of Seattle Genetics by 0.3% in the 3rd quarter. Gateway Investment Advisers LLC now owns 69,126 shares of the biotechnology company’s stock valued at $5,903,000 after buying an additional 229 shares during the period. NEXT Financial Group Inc increased its position in shares of Seattle Genetics by 333.3% in the 3rd quarter. NEXT Financial Group Inc now owns 325 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 250 shares in the last quarter. Finally, World Asset Management Inc increased its position in shares of Seattle Genetics by 7.4% in the 3rd quarter. World Asset Management Inc now owns 3,827 shares of the biotechnology company’s stock valued at $327,000 after buying an additional 264 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company’s stock.

About Seattle Genetics

Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.

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The Fly

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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