Seattle Genetics (NASDAQ:SGEN) Upgraded to “Overweight” at Piper Jaffray Companies

Piper Jaffray Companies upgraded shares of Seattle Genetics (NASDAQ:SGEN) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday, Benzinga reports. They currently have $75.00 price objective on the biotechnology company’s stock, up from their prior price objective of $64.00. Piper Jaffray Companies also issued estimates for Seattle Genetics’ Q3 2019 earnings at ($0.43) EPS, Q4 2019 earnings at ($0.43) EPS, FY2019 earnings at ($1.43) EPS, Q1 2020 earnings at ($0.01) EPS, Q2 2020 earnings at ($0.26) EPS, Q3 2020 earnings at ($0.17) EPS, Q4 2020 earnings at $0.02 EPS, FY2020 earnings at ($0.43) EPS, FY2021 earnings at ($0.02) EPS, FY2022 earnings at $1.75 EPS and FY2023 earnings at $4.06 EPS.

Other equities research analysts also recently issued reports about the company. BidaskClub downgraded Weyco Group from a sell rating to a strong sell rating in a report on Saturday, July 13th. Stifel Nicolaus began coverage on Seattle Genetics in a report on Wednesday, April 10th. They issued a hold rating and a $70.00 target price for the company. Zacks Investment Research upgraded Hudson Technologies from a sell rating to a hold rating in a report on Wednesday, May 29th. JPMorgan Chase & Co. restated a buy rating on shares of Seattle Genetics in a report on Sunday, April 28th. Finally, ValuEngine downgraded Welbilt from a hold rating to a sell rating in a report on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Seattle Genetics has a consensus rating of Buy and an average target price of $84.08.

Shares of SGEN stock opened at $75.07 on Wednesday. The business has a 50 day simple moving average of $69.00. Seattle Genetics has a fifty-two week low of $50.71 and a fifty-two week high of $84.37.

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

In other news, insider Clay B. Siegall sold 20,148 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $68.06, for a total transaction of $1,371,272.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Vaughn B. Himes sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $65.94, for a total value of $527,520.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,684 shares of company stock valued at $5,709,532. Corporate insiders own 33.80% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Comerica Bank boosted its position in shares of Seattle Genetics by 4.3% during the first quarter. Comerica Bank now owns 3,801 shares of the biotechnology company’s stock valued at $308,000 after buying an additional 157 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Seattle Genetics by 1.1% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,738 shares of the biotechnology company’s stock valued at $1,153,000 after buying an additional 165 shares during the last quarter. Gateway Investment Advisers LLC boosted its position in shares of Seattle Genetics by 0.3% during the first quarter. Gateway Investment Advisers LLC now owns 62,280 shares of the biotechnology company’s stock valued at $4,561,000 after buying an additional 171 shares during the last quarter. ETF Managers Group LLC boosted its position in shares of Seattle Genetics by 7.7% during the first quarter. ETF Managers Group LLC now owns 2,733 shares of the biotechnology company’s stock valued at $200,000 after buying an additional 196 shares during the last quarter. Finally, Advisor Group Inc. boosted its position in shares of Seattle Genetics by 20.8% during the fourth quarter. Advisor Group Inc. now owns 1,349 shares of the biotechnology company’s stock valued at $77,000 after buying an additional 232 shares during the last quarter. 99.79% of the stock is currently owned by institutional investors.

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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