A number of other research firms have also recently weighed in on SGEN. Piper Jaffray Companies raised shares of Seattle Genetics from a neutral rating to an overweight rating and upped their target price for the company from $64.00 to $75.00 in a research note on Wednesday, July 17th. BTIG Research started coverage on shares of Seattle Genetics in a research note on Monday, August 26th. They issued a neutral rating on the stock. William Blair reissued a buy rating on shares of Seattle Genetics in a research note on Friday, July 19th. Zacks Investment Research raised shares of Seattle Genetics from a sell rating to a hold rating and set a $72.00 target price on the stock in a research note on Wednesday, May 29th. Finally, Oppenheimer raised shares of Seattle Genetics from a market perform rating to an outperform rating and upped their target price for the company from $77.00 to $82.00 in a research note on Thursday, September 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $84.17.
Shares of SGEN traded up $0.91 during trading hours on Thursday, reaching $73.69. 6,283 shares of the company traded hands, compared to its average volume of 558,694. The stock’s fifty day moving average is $74.43 and its 200 day moving average is $71.68. The stock has a market cap of $11.64 billion, a P/E ratio of -44.46 and a beta of 1.97. Seattle Genetics has a 1-year low of $50.71 and a 1-year high of $84.37.
In other Seattle Genetics news, CEO Clay B. Siegall sold 28,472 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $68.33, for a total transaction of $1,945,491.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vaughn B. Himes sold 6,836 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $73.21, for a total transaction of $500,463.56. The disclosure for this sale can be found here. In the last three months, insiders sold 159,103 shares of company stock worth $11,547,953. 33.80% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of SGEN. CSat Investment Advisory L.P. bought a new stake in Seattle Genetics during the second quarter worth about $27,000. BSW Wealth Partners bought a new stake in Seattle Genetics during the second quarter worth about $29,000. Glen Harbor Capital Management LLC bought a new stake in Seattle Genetics during the second quarter worth about $44,000. Tyers Asset Management LLC bought a new stake in Seattle Genetics during the second quarter worth about $61,000. Finally, Resources Investment Advisors LLC. grew its stake in Seattle Genetics by 310.0% during the second quarter. Resources Investment Advisors LLC. now owns 1,025 shares of the biotechnology company’s stock worth $71,000 after buying an additional 775 shares during the last quarter. 98.86% of the stock is currently owned by hedge funds and other institutional investors.
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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