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William Blair Reaffirms "Buy" Rating for Seattle Genetics (NASDAQ:SGEN)

Last updated on Thursday, July 2nd, 2020 by MarketBeat

Seattle Genetics (NASDAQ:SGEN)'s stock had its "buy" rating reiterated by William Blair in a research report issued on Thursday, AnalystRatings.com reports.

Other equities analysts have also issued research reports about the stock. SVB Leerink increased their target price on shares of Seattle Genetics from $155.00 to $167.00 and gave the stock an "outperform" rating in a research report on Tuesday. Needham & Company LLC boosted their price objective on Seattle Genetics from $163.00 to $188.00 and gave the company a "buy" rating in a research note on Tuesday. Barclays reissued a "hold" rating on shares of Seattle Genetics in a report on Sunday, May 3rd. Zacks Investment Research cut shares of Seattle Genetics from a "buy" rating to a "hold" rating and set a $132.00 price objective for the company. in a research note on Wednesday, April 15th. Finally, Oppenheimer raised their price target on shares of Seattle Genetics from $175.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, June 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Seattle Genetics currently has an average rating of "Buy" and an average target price of $147.42.

Shares of NASDAQ:SGEN traded up $0.83 during mid-day trading on Thursday, reaching $168.35. The company had a trading volume of 13,497 shares, compared to its average volume of 1,256,838. Seattle Genetics has a one year low of $63.02 and a one year high of $175.64. The company's 50-day moving average price is $158.20 and its 200-day moving average price is $128.28. The firm has a market cap of $28.96 billion, a price-to-earnings ratio of -89.62 and a beta of 1.46.

Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, April 30th. The biotechnology company reported ($0.98) earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of ($0.81) by ($0.17). The firm had revenue of $234.51 million during the quarter, compared to the consensus estimate of $207.59 million. Seattle Genetics had a negative net margin of 32.81% and a negative return on equity of 16.51%. The business's quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. On average, equities analysts expect that Seattle Genetics will post -2.8 EPS for the current fiscal year.

In related news, CEO Clay B. Siegall sold 24,598 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $166.08, for a total transaction of $4,085,235.84. Following the transaction, the chief executive officer now owns 761,170 shares in the company, valued at approximately $126,415,113.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Clay B. Siegall sold 28,472 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $120.01, for a total value of $3,416,924.72. The disclosure for this sale can be found here. Insiders have sold a total of 700,756 shares of company stock valued at $110,414,053 over the last 90 days. 31.10% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new stake in Seattle Genetics during the 4th quarter valued at approximately $4,456,000. Synovus Financial Corp lifted its stake in shares of Seattle Genetics by 206.5% in the 1st quarter. Synovus Financial Corp now owns 331 shares of the biotechnology company's stock valued at $38,000 after purchasing an additional 223 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Seattle Genetics by 387.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 458 shares of the biotechnology company's stock valued at $53,000 after purchasing an additional 364 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of Seattle Genetics by 66.7% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 500 shares of the biotechnology company's stock valued at $58,000 after purchasing an additional 200 shares in the last quarter. Finally, CSat Investment Advisory L.P. grew its stake in Seattle Genetics by 20.2% in the first quarter. CSat Investment Advisory L.P. now owns 624 shares of the biotechnology company's stock worth $72,000 after purchasing an additional 105 shares during the period. Institutional investors own 94.33% of the company's stock.

About Seattle Genetics

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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Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

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]

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