Seattle Genetics (NASDAQ:SGEN) had its price objective upped by equities researchers at Deutsche Bank from $79.00 to $88.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has a “hold” rating on the biotechnology company’s stock. Deutsche Bank’s target price indicates a potential upside of 4.36% from the company’s previous close.
Other equities analysts have also issued research reports about the company. BTIG Research started coverage on Seattle Genetics in a research note on Monday, August 26th. They issued a “neutral” rating for the company. Cowen set a $80.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research note on Monday. Bank of America set a $58.00 price objective on Seattle Genetics and gave the company a “sell” rating in a research note on Friday, September 27th. Goldman Sachs Group upgraded Seattle Genetics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $100.00 in a research note on Friday, September 27th. Finally, BidaskClub upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $86.79.
SGEN stock traded down $0.68 during midday trading on Wednesday, reaching $84.32. The stock had a trading volume of 950,041 shares, compared to its average volume of 902,211. The stock has a market cap of $13.91 billion, a PE ratio of -51.10 and a beta of 1.95. The firm has a fifty day simple moving average of $75.02 and a two-hundred day simple moving average of $72.13. Seattle Genetics has a 52-week low of $50.71 and a 52-week high of $88.20.
In related news, CFO Todd E. Simpson sold 15,000 shares of Seattle Genetics stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $85.00, for a total value of $1,275,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Clay B. Siegall sold 20,148 shares of Seattle Genetics stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $66.89, for a total value of $1,347,699.72. The disclosure for this sale can be found here. Insiders have sold a total of 189,535 shares of company stock valued at $14,108,955 in the last quarter. Company insiders own 33.80% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. CSat Investment Advisory L.P. purchased a new position in shares of Seattle Genetics in the 2nd quarter valued at about $27,000. BSW Wealth Partners purchased a new position in shares of Seattle Genetics in the 2nd quarter valued at about $29,000. Glen Harbor Capital Management LLC purchased a new position in shares of Seattle Genetics in the 2nd quarter valued at about $44,000. Tyers Asset Management LLC purchased a new position in shares of Seattle Genetics in the 2nd quarter valued at about $61,000. Finally, Resources Investment Advisors LLC. increased its stake in shares of Seattle Genetics by 310.0% in the 2nd quarter. Resources Investment Advisors LLC. now owns 1,025 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 98.86% of the company’s stock.
Seattle Genetics Company Profile
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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