BidaskClub cut shares of Seattle Genetics (NASDAQ:SGEN) from a strong-buy rating to a buy rating in a research note issued to investors on Tuesday.

A number of other equities research analysts have also recently weighed in on SGEN. Guggenheim assumed coverage on Seattle Genetics in a research note on Monday, September 17th. They issued a buy rating for the company. Piper Jaffray Companies reaffirmed a neutral rating on shares of Seattle Genetics in a research note on Friday, September 7th. HC Wainwright reaffirmed a buy rating and issued a $77.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 12th. JPMorgan Chase & Co. lifted their price objective on Seattle Genetics from $66.00 to $77.00 and gave the company an overweight rating in a research note on Friday, July 27th. Finally, Barclays reaffirmed a buy rating and issued a $80.00 price objective on shares of Seattle Genetics in a research note on Friday, July 27th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics currently has an average rating of Buy and an average target price of $77.57.

SGEN stock opened at $72.77 on Tuesday. The firm has a market cap of $12.25 billion, a price-to-earnings ratio of -82.69 and a beta of 1.81. Seattle Genetics has a 52-week low of $47.75 and a 52-week high of $84.37.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, July 26th. The biotechnology company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.81. The company had revenue of $170.20 million during the quarter, compared to analysts’ expectations of $141.07 million. Seattle Genetics had a negative return on equity of 21.01% and a negative net margin of 7.75%. The firm’s quarterly revenue was up 57.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.39) earnings per share. Equities analysts expect that Seattle Genetics will post -1.36 EPS for the current year.

In related news, Director Marc E. Lippman sold 7,400 shares of the business’s stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $69.25, for a total transaction of $512,450.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clay B. Siegall sold 20,148 shares of the business’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $77.39, for a total value of $1,559,253.72. The disclosure for this sale can be found here. Insiders have sold a total of 137,782 shares of company stock valued at $10,310,137 over the last three months. 33.80% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP grew its stake in Seattle Genetics by 3.0% during the 2nd quarter. Baker BROS. Advisors LP now owns 51,046,060 shares of the biotechnology company’s stock worth $3,388,948,000 after purchasing an additional 1,470,651 shares in the last quarter. BlackRock Inc. grew its stake in Seattle Genetics by 5.1% during the 2nd quarter. BlackRock Inc. now owns 8,928,665 shares of the biotechnology company’s stock worth $592,774,000 after purchasing an additional 435,702 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Seattle Genetics during the 2nd quarter worth $83,840,000. First Trust Advisors LP grew its stake in Seattle Genetics by 18.0% during the 2nd quarter. First Trust Advisors LP now owns 1,042,574 shares of the biotechnology company’s stock worth $69,216,000 after purchasing an additional 159,401 shares in the last quarter. Finally, Blair William & Co. IL grew its stake in Seattle Genetics by 5.3% during the 1st quarter. Blair William & Co. IL now owns 692,242 shares of the biotechnology company’s stock worth $36,232,000 after purchasing an additional 34,744 shares in the last quarter.

Seattle Genetics Company Profile

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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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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