Seattle Genetics (NASDAQ:SGEN) had its target price increased by JPMorgan Chase & Co. from $66.00 to $77.00 in a report published on Friday, July 27th. JPMorgan Chase & Co. currently has an overweight rating on the biotechnology company’s stock.
“With SGEN’s recent strength (up ~50% over the last 3 mos), we’ve been asked frequently – what would we need to see from Adcetris to maintain this momentum? In our view, this question should be more than adequately answered following a big beat this quarter with Adcetris sales coming in at $122.4M vs guidance of $105-110M and consensus of $107M. Additionally, management provided 3Q guidance of $130-135M vs cons of $115M. Coupled with continued pipeline progress (completion of enrollment in the pivotal cohort of EV-201 and first patient dosed in innovaTV 204/207, as previously disclosed), as well as narrowing of guidance for E-2 (now early 4Q18) we see this as another productive quarter on many fronts.”,” the firm’s analyst commented.
A number of other equities analysts have also weighed in on the stock. HC Wainwright reissued a buy rating and issued a $98.00 price objective (up previously from $77.00) on shares of Seattle Genetics in a research report on Friday, July 27th. Royal Bank of Canada reaffirmed a buy rating and set a $75.00 price target on shares of Seattle Genetics in a research report on Friday, July 27th. ValuEngine upgraded shares of Seattle Genetics from a hold rating to a buy rating in a research note on Tuesday, June 12th. Zacks Investment Research upgraded shares of Seattle Genetics from a hold rating to a buy rating and set a $75.00 target price for the company in a research note on Tuesday, July 3rd. Finally, BidaskClub downgraded shares of Seattle Genetics from a buy rating to a hold rating in a research note on Wednesday, July 18th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $70.93.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Thursday, July 26th. The biotechnology company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.81. The firm had revenue of $170.20 million for the quarter, compared to the consensus estimate of $141.07 million. Seattle Genetics had a negative net margin of 7.75% and a negative return on equity of 21.01%. The firm’s revenue was up 57.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. research analysts forecast that Seattle Genetics will post -1.15 EPS for the current year.
In related news, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $65.12, for a total value of $1,226,339.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Vaughn B. Himes sold 5,000 shares of the stock in a transaction dated Thursday, May 31st. The stock was sold at an average price of $58.47, for a total transaction of $292,350.00. The disclosure for this sale can be found here. Insiders have sold 62,118 shares of company stock worth $4,163,592 over the last three months. 33.80% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Seattle Genetics by 9.5% in the 1st quarter. BlackRock Inc. now owns 8,492,963 shares of the biotechnology company’s stock valued at $444,521,000 after buying an additional 736,469 shares in the last quarter. Eagle Asset Management Inc. bought a new position in Seattle Genetics in the 2nd quarter valued at about $37,747,000. Carillon Tower Advisers Inc. bought a new position in Seattle Genetics in the 2nd quarter valued at about $26,267,000. Nexthera Capital LP bought a new position in Seattle Genetics in the 1st quarter valued at about $18,998,000. Finally, Millennium Management LLC grew its position in Seattle Genetics by 5,032.1% in the 4th quarter. Millennium Management LLC now owns 334,921 shares of the biotechnology company’s stock valued at $17,918,000 after buying an additional 328,395 shares in the last quarter.
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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