FY2017 EPS Estimates for Seattle Genetics, Inc. Increased by Cantor Fitzgerald (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN) – Investment analysts at Cantor Fitzgerald lifted their FY2017 EPS estimates for shares of Seattle Genetics in a note issued to investors on Monday. Cantor Fitzgerald analyst M. Goldstein now anticipates that the biotechnology company will earn ($0.91) per share for the year, up from their prior estimate of ($1.63). Cantor Fitzgerald has a “Hold” rating and a $46.00 price target on the stock. Cantor Fitzgerald also issued estimates for Seattle Genetics’ FY2018 earnings at ($1.65) EPS.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 33.16% and a negative net margin of 26.53%. The firm had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. During the same period in the prior year, the company earned ($0.23) EPS. The firm’s revenue was up 27.3% compared to the same quarter last year.
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Other equities analysts have also recently issued reports about the company. Guggenheim reaffirmed a “buy” rating and set a $72.00 price objective on shares of Seattle Genetics in a report on Monday, October 23rd. Cowen and Company reaffirmed a “hold” rating on shares of Seattle Genetics in a report on Sunday. Royal Bank Of Canada began coverage on Seattle Genetics in a report on Thursday, September 14th. They set an “outperform” rating and a $58.00 price objective for the company. ValuEngine cut Seattle Genetics from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and set a $64.00 price objective on shares of Seattle Genetics in a report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $63.00.
In related news, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Jonathan G. Drachman sold 10,000 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $47.54, for a total value of $475,400.00. The disclosure for this sale can be found here. Insiders sold 173,761 shares of company stock valued at $8,949,050 over the last quarter. Insiders own 34.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. First Manhattan Co. increased its stake in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after purchasing an additional 750 shares during the last quarter. Bristlecone Advisors LLC acquired a new position in Seattle Genetics in the third quarter valued at $180,000. Oppenheimer Asset Management Inc. acquired a new position in Seattle Genetics in the first quarter valued at $240,000. Meeder Asset Management Inc. increased its stake in Seattle Genetics by 1,580.9% in the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock valued at $205,000 after purchasing an additional 3,715 shares during the last quarter. Finally, DRW Securities LLC acquired a new position in Seattle Genetics in the second quarter valued at $207,000. Hedge funds and other institutional investors own 97.13% of the company’s stock.
About Seattle Genetics
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).
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