Seattle Genetics (NASDAQ:SGEN) Coverage Initiated by Analysts at Morgan Stanley

Stock analysts at Morgan Stanley started coverage on shares of Seattle Genetics (NASDAQ:SGEN) in a research report issued on Tuesday, The Fly reports. The firm set an “equal weight” rating on the biotechnology company’s stock.

A number of other analysts have also recently weighed in on SGEN. Needham & Company LLC set a $121.00 price objective on shares of Seattle Genetics and gave the stock a “buy” rating in a report on Monday, October 21st. Bank of America assumed coverage on shares of Seattle Genetics in a research note on Tuesday, December 3rd. They set a “neutral” rating and a $125.00 target price for the company. William Blair restated a “buy” rating on shares of Seattle Genetics in a research report on Friday, October 25th. Stifel Nicolaus set a $74.00 price target on shares of Seattle Genetics and gave the company a “hold” rating in a research note on Monday, September 30th. Finally, Leerink Swann lifted their price target on Seattle Genetics from $102.00 to $120.00 and gave the company a “positive” rating in a report on Tuesday, October 22nd. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $106.53.

Shares of NASDAQ SGEN opened at $114.13 on Tuesday. Seattle Genetics has a 1-year low of $51.50 and a 1-year high of $122.36. The business’s fifty day moving average price is $111.54 and its two-hundred day moving average price is $83.05. The firm has a market capitalization of $20.14 billion, a PE ratio of -69.17 and a beta of 2.03.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.19). Seattle Genetics had a negative net margin of 37.97% and a negative return on equity of 19.17%. The company had revenue of $213.26 million during the quarter, compared to the consensus estimate of $211.85 million. During the same quarter in the previous year, the business posted ($0.42) earnings per share. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, equities research analysts predict that Seattle Genetics will post -1.59 earnings per share for the current year.

In other news, insider Roger D. Dansey sold 5,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $121.48, for a total value of $607,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Todd E. Simpson sold 15,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $85.00, for a total value of $1,275,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 199,876 shares of company stock worth $18,664,010 over the last 90 days. 33.80% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in SGEN. CIBC Asset Management Inc raised its holdings in shares of Seattle Genetics by 1.7% in the 2nd quarter. CIBC Asset Management Inc now owns 40,480 shares of the biotechnology company’s stock worth $2,802,000 after purchasing an additional 675 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Seattle Genetics by 7.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,639 shares of the biotechnology company’s stock worth $1,677,000 after acquiring an additional 1,351 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Seattle Genetics by 117.0% during the second quarter. Prudential Financial Inc. now owns 14,651 shares of the biotechnology company’s stock worth $1,014,000 after purchasing an additional 7,900 shares during the period. Westpac Banking Corp raised its position in shares of Seattle Genetics by 5.3% during the second quarter. Westpac Banking Corp now owns 64,588 shares of the biotechnology company’s stock worth $4,470,000 after purchasing an additional 3,262 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Seattle Genetics by 39.0% during the second quarter. Janney Montgomery Scott LLC now owns 5,938 shares of the biotechnology company’s stock valued at $411,000 after purchasing an additional 1,665 shares during the last quarter. Institutional investors and hedge funds own 96.59% 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)

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