Seattle Genetics Inc. (SGEN) Reaches New 12-Month High at $56.48
Seattle Genetics Inc. (NASDAQ:SGEN) hit a new 52-week high during trading on Wednesday . The stock traded as high as $56.48 and last traded at $56.10, with a volume of 747,818 shares. The stock had previously closed at $54.79.
Several equities research analysts have recently commented on the stock. Leerink Swann reiterated a “buy” rating and set a $62.00 price target on shares of Seattle Genetics in a research report on Friday, September 16th. Goldman Sachs Group Inc. lowered shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a research note on Friday, September 16th. Morgan Stanley initiated coverage on shares of Seattle Genetics in a research note on Wednesday, September 7th. They set an “overweight” rating and a $60.00 price objective on the stock. RBC Capital Markets reissued an “outperform” rating on shares of Seattle Genetics in a research note on Wednesday, July 27th. Finally, Barclays PLC lifted their price objective on shares of Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $49.92.
The company’s market cap is $7.88 billion. The firm’s 50-day moving average price is $48.20 and its 200 day moving average price is $40.93.
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Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Tuesday, July 26th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The company earned $95.40 million during the quarter, compared to the consensus estimate of $94.56 million. During the same quarter in the prior year, the firm posted ($0.38) earnings per share. The firm’s revenue was up 23.7% compared to the same quarter last year. On average, equities research analysts expect that Seattle Genetics Inc. will post ($1.00) EPS for the current year.
In other news, insider Clay B. Siegall sold 4,042 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $45.20, for a total value of $182,698.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Eric Dobmeier sold 5,411 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $46.59, for a total value of $252,098.49. The disclosure for this sale can be found here. 33.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SGEN. Norges Bank purchased a new position in Seattle Genetics during the fourth quarter valued at about $39,635,000. Glenmede Trust Co. NA increased its position in Seattle Genetics by 14.4% in the first quarter. Glenmede Trust Co. NA now owns 9,048 shares of the company’s stock valued at $317,000 after buying an additional 1,136 shares in the last quarter. Aperio Group LLC increased its position in Seattle Genetics by 43.7% in the first quarter. Aperio Group LLC now owns 20,938 shares of the company’s stock valued at $735,000 after buying an additional 6,370 shares in the last quarter. Ramsey Quantitative Systems increased its position in Seattle Genetics by 15.8% in the first quarter. Ramsey Quantitative Systems now owns 15,029 shares of the company’s stock valued at $527,000 after buying an additional 2,049 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in Seattle Genetics by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 309,512 shares of the company’s stock valued at $10,861,000 after buying an additional 2,858 shares in the last quarter. 97.93% of the stock is owned by institutional investors.
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’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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