Bank of America Downgrades Seattle Genetics (SGEN) to Underperform

Seattle Genetics (NASDAQ:SGEN) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Friday, MarketBeat.com reports.

A number of other analysts also recently issued reports on the stock. Guggenheim initiated coverage on shares of Seattle Genetics in a report on Monday, September 17th. They set a “buy” rating on the stock. Royal Bank of Canada increased their price target on shares of Seattle Genetics to $98.00 and gave the stock an “outperform” rating in a report on Tuesday, October 2nd. Piper Jaffray Companies reissued a “neutral” rating on shares of Seattle Genetics in a report on Friday, September 7th. HC Wainwright reissued a “buy” rating and set a $77.00 price target on shares of Seattle Genetics in a report on Thursday, July 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Seattle Genetics from $66.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. Seattle Genetics presently has a consensus rating of “Buy” and an average target price of $77.77.

NASDAQ SGEN traded down $10.05 during mid-day trading on Friday, reaching $55.30. 5,593,402 shares of the stock were exchanged, compared to its average volume of 929,417. 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 quarterly earnings results on Thursday, October 25th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.27) by ($0.15). Seattle Genetics had a negative return on equity of 20.21% and a negative net margin of 26.58%. The firm had revenue of $169.42 million for the quarter, compared to analysts’ expectations of $164.75 million. On average, research analysts anticipate that Seattle Genetics will post -1.36 EPS for the current year.

In other news, insider Clay B. Siegall sold 18,831 shares of the stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $72.71, for a total value of $1,369,202.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marc E. Lippman sold 7,400 shares of the stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $69.25, for a total transaction of $512,450.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,782 shares of company stock worth $10,310,137. Insiders own 33.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SGEN. Summit Trail Advisors LLC raised its position in shares of Seattle Genetics by 4,871.9% in the first quarter. Summit Trail Advisors LLC now owns 107,344 shares of the biotechnology company’s stock valued at $107,000 after buying an additional 105,185 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new stake in shares of Seattle Genetics in the second quarter valued at about $139,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Seattle Genetics by 128.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,995 shares of the biotechnology company’s stock valued at $209,000 after buying an additional 2,250 shares during the last quarter. Rothschild Investment Corp IL acquired a new stake in shares of Seattle Genetics in the second quarter valued at about $211,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Seattle Genetics in the third quarter valued at about $216,000.

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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