Oppenheimer upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a market perform rating to an outperform rating in a research note released on Thursday, The Fly reports. Oppenheimer currently has $82.00 price target on the biotechnology company’s stock, up from their prior price target of $77.00.

A number of other research firms have also recently commented on SGEN. Piper Jaffray Companies upgraded Seattle Genetics from a neutral rating to an overweight rating and increased their price target for the company from $64.00 to $75.00 in a research note on Wednesday, July 17th. Zacks Investment Research upgraded Seattle Genetics from a sell rating to a hold rating and set a $72.00 price target for the company in a research note on Wednesday, May 29th. BidaskClub cut Seattle Genetics from a sell rating to a strong sell rating in a research note on Tuesday. ValuEngine upgraded Seattle Genetics from a buy rating to a strong-buy rating in a research note on Wednesday, July 17th. Finally, William Blair reiterated a buy rating on shares of Seattle Genetics in a research note on Friday, July 19th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $84.17.

Seattle Genetics stock traded down $0.29 during midday trading on Thursday, reaching $70.59. The company’s stock had a trading volume of 46,585 shares, compared to its average volume of 594,080. The stock’s 50-day simple moving average is $74.81 and its 200-day simple moving average is $71.72. Seattle Genetics has a 52-week low of $50.71 and a 52-week high of $84.37. The stock has a market capitalization of $11.10 billion, a P/E ratio of -42.90 and a beta of 1.97.

Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Tuesday, July 16th. The biotechnology company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.10). Seattle Genetics had a negative net margin of 36.94% and a negative return on equity of 17.16%. The business had revenue of $218.45 million during the quarter, compared to analysts’ expectations of $189.76 million. During the same quarter last year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 28.4% compared to the same quarter last year. Equities research analysts predict that Seattle Genetics will post -1.31 earnings per share for the current year.

In other news, CEO Clay B. Siegall sold 20,149 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $76.52, for a total value of $1,541,801.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David W. Gryska sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $75.00, for a total value of $375,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 164,519 shares of company stock valued at $11,919,491. Company insiders own 33.80% of the company’s stock.

Large investors have recently made changes to their positions in the company. CIBC Asset Management Inc raised its stake in shares of Seattle Genetics by 1.7% in the second 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 during the last quarter. Westpac Banking Corp raised its position in Seattle Genetics by 5.3% during the second quarter. Westpac Banking Corp now owns 64,588 shares of the biotechnology company’s stock valued at $4,470,000 after acquiring an additional 3,262 shares in the last quarter. Gateway Investment Advisers LLC raised its position in Seattle Genetics by 10.6% during the second quarter. Gateway Investment Advisers LLC now owns 68,897 shares of the biotechnology company’s stock valued at $4,768,000 after acquiring an additional 6,617 shares in the last quarter. TD Asset Management Inc. raised its position in Seattle Genetics by 9.3% during the second quarter. TD Asset Management Inc. now owns 168,080 shares of the biotechnology company’s stock valued at $11,633,000 after acquiring an additional 14,331 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in 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 acquiring an additional 1,665 shares in the last quarter. Hedge funds and other institutional investors own 99.14% 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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