Brokerages Anticipate Seattle Genetics, Inc. (NASDAQ:SGEN) Will Announce Earnings of -$0.37 Per Share

Wall Street analysts predict that Seattle Genetics, Inc. (NASDAQ:SGEN) will post earnings of ($0.37) per share for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Seattle Genetics’ earnings. The highest EPS estimate is ($0.29) and the lowest is ($0.45). Seattle Genetics reported earnings of ($0.27) per share in the same quarter last year, which would indicate a negative year over year growth rate of 37%. The firm is scheduled to report its next quarterly earnings results on Thursday, October 24th.

On average, analysts expect that Seattle Genetics will report full-year earnings of ($1.31) per share for the current fiscal year, with EPS estimates ranging from ($1.49) to ($1.05). For the next financial year, analysts forecast that the company will post earnings of ($0.79) per share, with EPS estimates ranging from ($1.57) to $0.08. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that cover Seattle Genetics.

Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Tuesday, July 16th. The biotechnology company reported ($0.49) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.10). The firm had revenue of $218.45 million for the quarter, compared to the consensus estimate of $189.76 million. Seattle Genetics had a negative return on equity of 17.16% and a negative net margin of 36.94%. Seattle Genetics’s quarterly revenue was up 28.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share.

SGEN has been the subject of several recent analyst reports. Stifel Nicolaus set a $74.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Monday, September 30th. ValuEngine downgraded shares of Seattle Genetics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Seattle Genetics in a report on Friday, September 27th. Oppenheimer upped their price objective on shares of Seattle Genetics from $82.00 to $92.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, Deutsche Bank upped their price objective on shares of Seattle Genetics from $79.00 to $88.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $86.79.

Shares of NASDAQ SGEN traded up $0.11 during trading hours on Monday, hitting $84.43. 1,094,008 shares of the stock were exchanged, compared to its average volume of 903,277. The company’s 50 day moving average is $75.39 and its 200 day moving average is $72.30. The firm has a market capitalization of $13.75 billion, a P/E ratio of -51.17 and a beta of 1.95. Seattle Genetics has a one year low of $50.71 and a one year high of $88.20.

In other Seattle Genetics news, insider Vaughn B. Himes sold 6,836 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $73.21, for a total value of $500,463.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clay B. Siegall sold 20,149 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $76.52, for a total transaction of $1,541,801.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,387 shares of company stock valued at $12,761,256. Insiders own 33.80% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Comerica Bank boosted its holdings in Seattle Genetics by 4.3% in the 1st quarter. Comerica Bank now owns 3,801 shares of the biotechnology company’s stock valued at $308,000 after purchasing an additional 157 shares during the period. Jane Street Group LLC lifted its holdings in shares of Seattle Genetics by 4.1% during the 2nd quarter. Jane Street Group LLC now owns 7,663 shares of the biotechnology company’s stock worth $530,000 after acquiring an additional 304 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Seattle Genetics by 2.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,118 shares of the biotechnology company’s stock worth $908,000 after acquiring an additional 339 shares during the period. Reynders McVeigh Capital Management LLC lifted its holdings in shares of Seattle Genetics by 3.8% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 9,500 shares of the biotechnology company’s stock worth $657,000 after acquiring an additional 350 shares during the period. Finally, CSat Investment Advisory L.P. bought a new position in shares of Seattle Genetics during the 2nd quarter worth about $27,000. 98.86% of the stock is 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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