Seattle Genetics (NASDAQ:SGEN) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a hold rating to a buy rating in a research note released on Wednesday, BidAskClub reports.

Several other brokerages have also recently commented on SGEN. Oppenheimer boosted their price target on shares of Seattle Genetics from $92.00 to $110.00 and gave the stock an outperform rating in a research report on Tuesday. Royal Bank of Canada boosted their target price on Seattle Genetics from $80.00 to $109.00 and gave the stock an outperform rating in a report on Tuesday. William Blair restated a buy rating on shares of Seattle Genetics in a report on Friday, July 19th. JPMorgan Chase & Co. restated a buy rating on shares of Seattle Genetics in a report on Friday, September 27th. Finally, Svb Leerink restated an outperform rating on shares of Seattle Genetics in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company. Seattle Genetics presently has a consensus rating of Buy and a consensus target price of $100.27.

Seattle Genetics stock traded up $0.31 during midday trading on Wednesday, hitting $100.27. The company’s stock had a trading volume of 803,494 shares, compared to its average volume of 929,124. The stock’s 50-day moving average price is $78.88 and its 200-day moving average price is $73.33. Seattle Genetics has a 12 month low of $50.71 and a 12 month high of $102.84. The company has a market capitalization of $16.29 billion, a PE ratio of -60.77 and a beta of 1.95.

In other news, CEO Clay B. Siegall sold 28,472 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $82.47, for a total transaction of $2,348,085.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jean I. Liu sold 3,716 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $75.00, for a total value of $278,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 192,859 shares of company stock valued at $14,734,342. Corporate insiders own 33.80% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Seattle Genetics by 1.4% in the second quarter. Vanguard Group Inc. now owns 9,393,384 shares of the biotechnology company’s stock valued at $650,116,000 after purchasing an additional 132,318 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Seattle Genetics by 1.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,203,502 shares of the biotechnology company’s stock worth $567,764,000 after acquiring an additional 108,801 shares during the last quarter. First Trust Advisors LP raised its stake in Seattle Genetics by 18.5% during the second quarter. First Trust Advisors LP now owns 1,784,642 shares of the biotechnology company’s stock worth $123,515,000 after purchasing an additional 278,792 shares during the period. Capital Bank & Trust Co raised its stake in Seattle Genetics by 1.0% during the second quarter. Capital Bank & Trust Co now owns 1,185,735 shares of the biotechnology company’s stock worth $81,899,000 after purchasing an additional 11,709 shares during the period. Finally, Manning & Napier Group LLC raised its stake in Seattle Genetics by 63.3% during the second quarter. Manning & Napier Group LLC now owns 1,026,875 shares of the biotechnology company’s stock worth $71,068,000 after purchasing an additional 398,002 shares during the period. Institutional investors and hedge funds own 98.65% of the company’s stock.

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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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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