Seattle Genetics, Inc. (SGEN) Receives “Hold” Rating from Cann

Cann reaffirmed their hold rating on shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in a report issued on Monday.

“Seattle Genetics announced today that it is discontinuing the phase III CASCADE clinical trial of vadastuximab talirine (SGN-CD33A) in frontline older acute myeloid leukemia (AML) patients. Seattle Genetics reported it took this action following consultation with the Independent Data Monitoring Committee (IDMC) and after reviewing unblinded data on June 16, 2017. As a result of the discontinuation of SGN-CD33A (vadastuximab talirine; 33A), we are removing estimated sales of SGN- CD33A from our model in 2020 and 2021.”,” Cann’s analyst commented.

Other equities analysts also recently issued research reports about the company. HC Wainwright raised their target price on Seattle Genetics from $65.00 to $75.00 and gave the stock a buy rating in a research report on Friday, April 28th. TheStreet cut Seattle Genetics from a c- rating to a d rating in a report on Tuesday, May 9th. Cantor Fitzgerald reaffirmed a hold rating and set a $43.00 price target on shares of Seattle Genetics in a report on Monday, March 6th. Zacks Investment Research raised Seattle Genetics from a sell rating to a hold rating in a report on Tuesday, May 2nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Seattle Genetics in a report on Thursday, June 15th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $60.00.

Analyst Recommendations for Seattle Genetics (NASDAQ:SGEN)

Shares of Seattle Genetics (NASDAQ:SGEN) traded up 1.63% on Monday, reaching $62.89. The company’s stock had a trading volume of 311,629 shares. The stock’s market capitalization is $8.98 billion. Seattle Genetics has a 52 week low of $35.93 and a 52 week high of $75.36. The stock has a 50-day moving average of $64.17 and a 200 day moving average of $63.14.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by $0.01. The company had revenue of $109.10 million for the quarter, compared to the consensus estimate of $103.23 million. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. Seattle Genetics’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.15) EPS. On average, analysts expect that Seattle Genetics will post ($1.67) EPS for the current year.

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In other news, insider Vaughn B. Himes sold 10,000 shares of the firm’s stock in a transaction on Friday, March 31st. The stock was sold at an average price of $62.75, for a total value of $627,500.00. Following the transaction, the insider now directly owns 161,283 shares in the company, valued at approximately $10,120,508.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of the firm’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $65.21, for a total value of $679,683.83. The disclosure for this sale can be found here. Insiders sold a total of 34,888 shares of company stock valued at $2,218,334 over the last three months. Insiders own 33.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in Seattle Genetics during the fourth quarter valued at about $57,470,000. Castleark Management LLC bought a new position in Seattle Genetics during the fourth quarter valued at about $1,977,000. AQR Capital Management LLC bought a new position in Seattle Genetics during the fourth quarter valued at about $2,022,000. Janus Capital Management LLC raised its position in Seattle Genetics by 79.1% in the fourth quarter. Janus Capital Management LLC now owns 125,200 shares of the biotechnology company’s stock valued at $6,607,000 after buying an additional 55,300 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in Seattle Genetics during the fourth quarter valued at about $13,367,000. Institutional investors and hedge funds own 98.04% of the company’s stock.

Seattle Genetics Company Profile

Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).

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