Seattle Genetics (SGEN) Rating Increased to Buy at Zacks Investment Research
Seattle Genetics (NASDAQ:SGEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $75.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.97% from the company’s previous close.
According to Zacks, “Seattle Genetics' sole marketed drug, Adcetris, is performing well since its launch. Moreover, its efforts to expand Adcetris’ label is encouraging. The label expansion in frontline Hodgkin lymphoma, pcALCL, CD30-expressing MF and T-cell lymphoma will boost sales. The company’s collaboration with Takeda for the global development and commercialization of Adcetris is encouraging. However, the company’s dependence on one product – Adcetris– for growth has its inherent risks. The recent label expansion of Merck’s Keytruda in the lymphoma indication is likely to increase competition. Though the company has multiple candidates in its pipeline, most of them are in early stages of development. Meanwhile, the company’s shares have outperformed the industry so far this year.”
A number of other brokerages also recently commented on SGEN. SunTrust Banks raised shares of Seattle Genetics from a “hold” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $80.00 in a research report on Monday, June 11th. BidaskClub cut shares of Seattle Genetics from a “buy” rating to a “hold” rating in a research note on Saturday, June 16th. Cantor Fitzgerald set a $50.00 target price on shares of Seattle Genetics and gave the company a “hold” rating in a research note on Thursday, April 26th. Barclays initiated coverage on shares of Seattle Genetics in a research note on Tuesday, March 20th. They issued an “overweight” rating and a $74.00 target price for the company. Finally, ValuEngine cut shares of Seattle Genetics from a “buy” rating to a “hold” rating in a research note on Monday, June 18th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $67.07.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings data on Thursday, April 26th. The biotechnology company reported ($0.73) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.42) by ($0.31). Seattle Genetics had a negative net margin of 34.51% and a negative return on equity of 29.74%. The company had revenue of $140.59 million for the quarter, compared to analysts’ expectations of $119.04 million. During the same period in the previous year, the firm posted ($0.42) earnings per share. The business’s revenue for the quarter was up 28.8% on a year-over-year basis. equities analysts predict that Seattle Genetics will post -1.68 earnings per share for the current year.
In other news, EVP Darren S. Cline sold 4,000 shares of the business’s stock in a transaction on Thursday, May 3rd. The shares were sold at an average price of $53.81, for a total value of $215,240.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bros. Advisors Lp Baker acquired 460,651 shares of Seattle Genetics stock in a transaction dated Tuesday, May 8th. The stock was purchased at an average price of $53.34 per share, with a total value of $24,571,124.34. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 972,105 shares of company stock valued at $51,109,391 and sold 86,550 shares valued at $5,050,214. 33.80% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in SGEN. Goldman Sachs Group Inc. raised its stake in Seattle Genetics by 92.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,469,888 shares of the biotechnology company’s stock valued at $132,139,000 after purchasing an additional 1,184,491 shares during the last quarter. BlackRock Inc. increased its holdings in Seattle Genetics by 9.5% in the 1st quarter. BlackRock Inc. now owns 8,492,963 shares of the biotechnology company’s stock valued at $444,521,000 after buying an additional 736,469 shares during the period. Nexthera Capital LP bought a new stake in Seattle Genetics in the 1st quarter valued at $18,998,000. Millennium Management LLC increased its holdings in Seattle Genetics by 5,032.1% in the 4th quarter. Millennium Management LLC now owns 334,921 shares of the biotechnology company’s stock valued at $17,918,000 after buying an additional 328,395 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in Seattle Genetics by 337.2% in the 1st quarter. Wells Fargo & Company MN now owns 306,681 shares of the biotechnology company’s stock valued at $16,051,000 after buying an additional 236,538 shares during the period.
About Seattle Genetics
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Seattle Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seattle Genetics and related companies with MarketBeat.com's FREE daily email newsletter.