Wall Street brokerages expect Seattle Genetics (NASDAQ:SGEN) to announce sales of $119.58 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Seattle Genetics’ earnings, with the highest sales estimate coming in at $127.00 million and the lowest estimate coming in at $112.00 million. Seattle Genetics reported sales of $109.13 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.6%. The firm is expected to report its next earnings report after the market closes on Thursday, April 26th.
According to Zacks, analysts expect that Seattle Genetics will report full-year sales of $519.54 million for the current fiscal year, with estimates ranging from $488.58 million to $566.10 million. For the next fiscal year, analysts forecast that the firm will report sales of $712.45 million per share, with estimates ranging from $575.00 million to $821.24 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Seattle Genetics.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.02. The company had revenue of $129.61 million for the quarter, compared to analyst estimates of $123.99 million. Seattle Genetics had a negative net margin of 26.03% and a negative return on equity of 32.49%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the business posted ($0.39) EPS.
In other news, Director Bros. Advisors Lp Baker purchased 3,846,153 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $52.00 per share, with a total value of $199,999,956.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of Seattle Genetics stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $49.75, for a total transaction of $936,892.00. The disclosure for this sale can be found here. Insiders have sold a total of 71,953 shares of company stock valued at $3,810,778 over the last three months. 33.80% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in SGEN. New York State Common Retirement Fund raised its stake in shares of Seattle Genetics by 1.5% in the third quarter. New York State Common Retirement Fund now owns 265,358 shares of the biotechnology company’s stock worth $14,438,000 after acquiring an additional 4,000 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Seattle Genetics by 16.5% in the third quarter. Legal & General Group Plc now owns 127,070 shares of the biotechnology company’s stock worth $6,914,000 after acquiring an additional 17,981 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Seattle Genetics by 2.8% in the third quarter. Schwab Charles Investment Management Inc. now owns 304,561 shares of the biotechnology company’s stock worth $16,572,000 after acquiring an additional 8,349 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Seattle Genetics in the third quarter worth about $208,000. Finally, Asset Management One Co. Ltd. raised its stake in shares of Seattle Genetics by 18.3% in the third quarter. Asset Management One Co. Ltd. now owns 198,510 shares of the biotechnology company’s stock worth $10,779,000 after acquiring an additional 30,697 shares during the last quarter. 92.99% of the stock is owned by hedge funds and other institutional investors.
NASDAQ SGEN traded up $1.21 during midday trading on Friday, hitting $51.53. The company had a trading volume of 118,045 shares, compared to its average volume of 1,097,302. The firm has a market capitalization of $7,945.95, a price-to-earnings ratio of -58.61 and a beta of 1.84. Seattle Genetics has a fifty-two week low of $45.31 and a fifty-two week high of $71.32.
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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.
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