Seattle Genetics (NASDAQ:SGEN) Price Target Cut to $115.00

Seattle Genetics (NASDAQ:SGEN) had its target price cut by Morgan Stanley from $123.00 to $115.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 7.09% from the company’s current price.

Several other brokerages have also commented on SGEN. Royal Bank of Canada lifted their price target on shares of Seattle Genetics from $80.00 to $109.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. William Blair reiterated a “buy” rating on shares of Seattle Genetics in a research note on Thursday, December 19th. Deutsche Bank lifted their price target on shares of Seattle Genetics from $88.00 to $95.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus lifted their price target on shares of Seattle Genetics from $87.00 to $101.00 in a research note on Thursday, December 19th. Finally, Guggenheim lowered shares of Seattle Genetics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $112.06.

NASDAQ:SGEN traded down $0.27 during midday trading on Friday, hitting $107.39. 1,766 shares of the company were exchanged, compared to its average volume of 970,082. The company has a fifty day simple moving average of $114.20 and a 200 day simple moving average of $91.36. Seattle Genetics has a fifty-two week low of $62.90 and a fifty-two week high of $122.36. The company has a market capitalization of $18.28 billion, a PE ratio of -65.33 and a beta of 1.98.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.19). Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. The company had revenue of $213.26 million for the quarter, compared to analyst estimates of $211.85 million. During the same quarter in the prior year, the business earned ($0.42) earnings per share. Seattle Genetics’s revenue was up 25.9% compared to the same quarter last year. On average, equities analysts anticipate that Seattle Genetics will post -1.62 earnings per share for the current fiscal year.

In other news, Director Srinivas Akkaraju sold 17,500 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $119.78, for a total transaction of $2,096,150.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Roger D. Dansey sold 5,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $116.00, for a total transaction of $580,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 207,916 shares of company stock worth $21,351,597. 33.80% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Seattle Genetics by 1.4% during the second quarter. Vanguard Group Inc. now owns 9,393,384 shares of the biotechnology company’s stock worth $650,116,000 after buying an additional 132,318 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Seattle Genetics by 1.3% in 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 in the last quarter. State Street Corp increased its position in shares of Seattle Genetics by 3.9% in the third quarter. State Street Corp now owns 3,292,202 shares of the biotechnology company’s stock worth $281,154,000 after acquiring an additional 123,424 shares in the last quarter. Waddell & Reed Financial Inc. increased its position in shares of Seattle Genetics by 17.8% in the second quarter. Waddell & Reed Financial Inc. now owns 1,005,909 shares of the biotechnology company’s stock worth $69,619,000 after acquiring an additional 151,877 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Seattle Genetics by 10.1% in the third quarter. Point72 Asset Management L.P. now owns 730,989 shares of the biotechnology company’s stock worth $62,426,000 after acquiring an additional 66,989 shares in the last quarter. Institutional investors and hedge funds own 95.83% 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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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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