Seattle Genetics (NASDAQ:SGEN)‘s stock had its “hold” rating restated by equities research analysts at Cann in a note issued to investors on Tuesday, March 20th.
The analysts wrote, “The PDUFA date for this approval was May 1, 2018; therefore, the approval is six weeks earlier than we had expected. Our outlook for Adcetris has it being launched in the frontline setting in 2019. However, based on the timing of this approval, we believe Adcetris could be launched in the frontline Hodgkin’s lymphoma setting before year- end 2018. Not only is the impact from a launch in this setting in the near-term not in our estimates, but it is also not in the company’s guidance. This could lead to an increase in estimates for H2 2018.””
A number of other research analysts also recently commented on SGEN. Cowen reaffirmed a “hold” rating on shares of Seattle Genetics in a report on Tuesday, March 13th. TheStreet lowered shares of Seattle Genetics from a “c-” rating to a “d+” rating in a research report on Wednesday, February 28th. HC Wainwright reissued a “buy” rating on shares of Seattle Genetics in a report on Wednesday, February 7th. SunTrust Banks reissued a “hold” rating and set a $60.00 price objective on shares of Seattle Genetics in a report on Wednesday, February 7th. Finally, BidaskClub upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Thursday, March 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $64.00.
SGEN traded down $0.02 during mid-day trading on Tuesday, reaching $51.63. 598,007 shares of the company traded hands, compared to its average volume of 1,125,343. The firm has a market cap of $8,175.29, a PE ratio of -58.67 and a beta of 1.84. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Tuesday, February 6th. The biotechnology company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.02. The firm had revenue of $129.61 million during the quarter, compared to analyst estimates of $123.99 million. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. Seattle Genetics’s revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.39) EPS. research analysts expect that Seattle Genetics will post -1.57 earnings per share for the current fiscal year.
In related news, Director Bros. Advisors Lp Baker bought 3,846,153 shares of the stock in a transaction dated Thursday, February 1st. The stock was acquired at an average price of $52.00 per share, for a total transaction of $199,999,956.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Clay B. Siegall sold 18,832 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $57.32, for a total transaction of $1,079,450.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,953 shares of company stock worth $3,810,778. 34.70% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Capital International Investors increased its holdings in shares of Seattle Genetics by 63.7% in the 3rd quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock valued at $242,682,000 after purchasing an additional 1,735,657 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Seattle Genetics by 92.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,469,888 shares of the biotechnology company’s stock valued at $132,139,000 after purchasing an additional 1,184,491 shares in the last quarter. Capital Guardian Trust Co. increased its holdings in shares of Seattle Genetics by 82.2% in the 3rd quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock valued at $57,909,000 after purchasing an additional 480,044 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Seattle Genetics by 5,032.1% in the 4th quarter. Millennium Management LLC now owns 334,921 shares of the biotechnology company’s stock valued at $17,918,000 after purchasing an additional 328,395 shares in the last quarter. Finally, Capital Bank & Trust Co increased its holdings in shares of Seattle Genetics by 43.7% in the 3rd quarter. Capital Bank & Trust Co now owns 834,519 shares of the biotechnology company’s stock valued at $45,406,000 after purchasing an additional 253,753 shares in the last quarter. Institutional investors own 93.10% of the company’s stock.
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About Seattle Genetics
Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.
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