Seattle Genetics (NASDAQ:SGEN) had its target price boosted by investment analysts at JMP Securities from $185.00 to $200.00 in a report issued on Tuesday, The Fly reports. JMP Securities' target price would indicate a potential upside of 10.34% from the stock's previous close.
Several other research analysts also recently weighed in on SGEN. Piper Sandler downgraded Seattle Genetics from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $155.00 to $165.00 in a report on Friday, July 24th. Morgan Stanley increased their target price on Seattle Genetics from $160.00 to $167.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 15th. William Blair restated a "buy" rating on shares of Seattle Genetics in a research report on Thursday, July 2nd. Oppenheimer upped their target price on Seattle Genetics from $175.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, June 26th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $200.00 target price (up from $175.00) on shares of Seattle Genetics in a research report on Friday, July 31st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Seattle Genetics currently has an average rating of "Buy" and an average target price of $156.26.
Seattle Genetics stock traded up $2.42 during midday trading on Tuesday, hitting $181.25. 11,637 shares of the company were exchanged, compared to its average volume of 1,169,610. The firm has a market capitalization of $31.12 billion, a PE ratio of -120.05 and a beta of 1.26. Seattle Genetics has a fifty-two week low of $72.27 and a fifty-two week high of $187.99. The business has a fifty day simple moving average of $158.71 and a two-hundred day simple moving average of $149.14.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, July 30th. The biotechnology company reported ($0.12) EPS for the quarter, beating the Thomson Reuters' consensus estimate of ($0.58) by $0.46. The company had revenue of $278.00 million during the quarter, compared to analysts' expectations of $256.74 million. Seattle Genetics had a negative net margin of 25.17% and a negative return on equity of 18.32%. Equities research analysts expect that Seattle Genetics will post -2.26 earnings per share for the current year.
In other Seattle Genetics news, CFO Todd E. Simpson sold 11,573 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $167.58, for a total transaction of $1,939,403.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Roger D. Dansey sold 450 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $157.79, for a total transaction of $71,005.50. The disclosure for this sale can be found here. Insiders have sold 187,257 shares of company stock valued at $30,481,478 in the last quarter. Insiders own 31.10% of the company's stock.
Several large investors have recently added to or reduced their stakes in SGEN. Capital World Investors purchased a new position in shares of Seattle Genetics during the 1st quarter valued at $33,737,000. Strs Ohio lifted its position in Seattle Genetics by 255.6% in the second quarter. Strs Ohio now owns 21,358 shares of the biotechnology company's stock worth $3,629,000 after purchasing an additional 15,352 shares during the period. Mackenzie Financial Corp bought a new position in Seattle Genetics during the first quarter worth about $379,000. Baird Financial Group Inc. grew its stake in Seattle Genetics by 2.5% during the first quarter. Baird Financial Group Inc. now owns 4,300 shares of the biotechnology company's stock worth $496,000 after buying an additional 103 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Seattle Genetics by 10.5% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 20,628 shares of the biotechnology company's stock worth $3,505,000 after acquiring an additional 1,966 shares during the last quarter. Institutional investors and hedge funds own 91.96% 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.
Recommended Story: Why do companies issue convertible shares?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
12 Cheap Dividend Stocks to Buy Today
While COVID-19 was a suckerpunch to the stock market earlier in the year, the stock market is roaring back. The Dow is hovering around 27,000 and the S&P 500 is trading near 3,200. S&P 500 stocks are trading at nearly 23 times their annual earnings, still well above historical norms.
At the same time, interest rates are near all-time lows (and probably dipping even lower). 10-year Treasuries are yielding just 0.9% and collectively S&P 500 stocks are yielding under 2%. Some investors think that it's too challenging to find safe and affordable securities that pay 4%, 5%, and even 6% yields.
Searching for yield isn't easy in an environment where historically high asset prices and stimulus from the Fed have driven down yields. This doesn't leave many options for investors looking for retirement income or a decent dividend yield on their stocks, but there are a handful of cheap dividend stocks to buy that are still yielding 3-6%.
Let's review some of the best cheap dividend stocks in the market today in this slideshow.
View the "12 Cheap Dividend Stocks to Buy Today".