Seattle Genetics (NASDAQ:SGEN) had its price target lifted by equities research analysts at SVB Leerink from $167.00 to $173.00 in a report issued on Friday, BenzingaRatingsTable reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. SVB Leerink’s target price suggests a potential upside of 4.05% from the company’s previous close. SVB Leerink also issued estimates for Seattle Genetics’ Q3 2020 earnings at ($0.61) EPS, Q4 2020 earnings at ($0.65) EPS and FY2020 earnings at ($2.52) EPS.
A number of other equities analysts have also recently weighed in on SGEN. BidaskClub raised Seattle Genetics from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. William Blair reissued a “buy” rating on shares of Seattle Genetics in a research report on Thursday, July 2nd. Cfra upped their price target on shares of Seattle Genetics from $122.00 to $129.00 and gave the company a “sell” rating in a research report on Friday, May 1st. Royal Bank of Canada lifted their price objective on shares of Seattle Genetics from $148.00 to $149.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, Guggenheim upgraded Seattle Genetics from a “neutral” rating to a “buy” rating in a report on Friday, May 1st. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $150.16.
Seattle Genetics stock opened at $166.27 on Friday. The firm has a market cap of $28.78 billion, a price-to-earnings ratio of -110.11 and a beta of 1.46. Seattle Genetics has a 1 year low of $65.44 and a 1 year high of $187.99. The firm’s 50 day moving average price is $169.28 and its two-hundred day moving average price is $137.30.
In related news, CEO Clay B. Siegall sold 24,598 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $166.08, for a total value of $4,085,235.84. Following the transaction, the chief executive officer now directly owns 761,170 shares in the company, valued at approximately $126,415,113.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vaughn B. Himes sold 8,000 shares of the firm’s stock in a transaction on Friday, July 17th. The shares were sold at an average price of $179.42, for a total transaction of $1,435,360.00. Following the completion of the transaction, the insider now owns 199,840 shares in the company, valued at $35,855,292.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 721,041 shares of company stock valued at $115,476,023. Corporate insiders own 31.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Signaturefd LLC increased its stake in shares of Seattle Genetics by 70.0% in the second quarter. Signaturefd LLC now owns 170 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 70 shares during the period. M&T Bank Corp increased its position in Seattle Genetics by 0.6% in the 2nd quarter. M&T Bank Corp now owns 11,529 shares of the biotechnology company’s stock worth $1,959,000 after buying an additional 71 shares during the period. IBM Retirement Fund lifted its holdings in shares of Seattle Genetics by 3.0% during the second quarter. IBM Retirement Fund now owns 2,843 shares of the biotechnology company’s stock worth $483,000 after buying an additional 84 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in shares of Seattle Genetics by 10.1% in the first quarter. Loomis Sayles & Co. L P now owns 979 shares of the biotechnology company’s stock valued at $113,000 after acquiring an additional 90 shares during the period. Finally, Elite Wealth Management Inc. boosted its position in shares of Seattle Genetics by 2.0% in the second quarter. Elite Wealth Management Inc. now owns 4,768 shares of the biotechnology company’s stock valued at $810,000 after acquiring an additional 94 shares during the period. Institutional investors own 94.61% 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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