HC Wainwright Reaffirms “Purchase” Rating for Seattle Genetics (SGEN)

HC Wainwright Reaffirms “Purchase” Rating for Seattle Genetics (SGEN)

HC Wainwright reaffirmed their buy rating on shares of Seattle Genetics (NASDAQ:SGEN) in a report published on Friday morning. The brokerage currently has a $98.00 target price on the biotechnology company’s stock.

“We reach a price target of $98 after adjusting new corporate tax rate, cash, and other program updates. The price target is based on a sum-of-parts NPV-DCF ($63.2 HL + $3.6 relapsed sALCL+ $11.2 frontline PTCL + $17.7 platform + $2.9 cash). Key risks to achievement of our target price include trial failures, safety issues, regulatory delays, competition, and dilutive financing. Seattle Genetics Inc. February 8, 2019 H.C. WAINWRIGHT & CO. EQUITY RESEARCH 2Seattle Genetics, Inc.”,” HC Wainwright’s analyst commented.

SGEN has been the topic of a number of other reports. JPMorgan Chase & Co. reissued a buy rating on shares of Seattle Genetics in a report on Thursday, January 10th. TheStreet upgraded Seattle Genetics from a d+ rating to a c rating in a research note on Friday, February 1st. reiterated a hold rating on shares of Seattle Genetics in a research note on Monday, October 22nd. Piper Jaffray Companies dropped their target price on Seattle Genetics to $64.00 and set a neutral rating on the stock in a report on Thursday. Finally, Bank of America downgraded Seattle Genetics from a neutral rating to an underperform rating in a research report on Friday, October 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $80.82.

SGEN stock opened at $65.02 on Friday. Seattle Genetics has a 1-year low of $47.75 and a 1-year high of $84.37. The company has a market capitalization of $10.44 billion, a P/E ratio of -39.41 and a beta of 2.39.

Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, February 7th. The biotechnology company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.36). Seattle Genetics had a negative return on equity of 19.33% and a negative net margin of 34.01%. The business had revenue of $174.50 million during the quarter, compared to analysts’ expectations of $164.03 million. During the same period in the previous year, the business earned ($0.41) EPS. The business’s revenue was up 34.6% compared to the same quarter last year. On average, analysts anticipate that Seattle Genetics will post -0.44 EPS for the current year.

In other news, insider Clay B. Siegall sold 20,148 shares of the firm’s stock in a transaction that occurred on Tuesday, January 8th. The stock was sold at an average price of $65.73, for a total value of $1,324,328.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Darren S. Cline sold 4,167 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $56.68, for a total value of $236,185.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,463 shares of company stock worth $3,840,215. Company insiders own 33.80% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital International Investors lifted its position in Seattle Genetics by 53.6% during the third quarter. Capital International Investors now owns 9,414,375 shares of the biotechnology company’s stock worth $726,037,000 after buying an additional 3,285,237 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in Seattle Genetics by 943.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,166,968 shares of the biotechnology company’s stock worth $66,120,000 after buying an additional 1,055,173 shares in the last quarter. First Trust Advisors LP lifted its position in Seattle Genetics by 70.7% during the third quarter. First Trust Advisors LP now owns 1,779,195 shares of the biotechnology company’s stock worth $137,212,000 after buying an additional 736,621 shares in the last quarter. Morgan Stanley lifted its position in Seattle Genetics by 107.5% during the third quarter. Morgan Stanley now owns 296,026 shares of the biotechnology company’s stock worth $22,830,000 after buying an additional 153,370 shares in the last quarter. Finally, Vanguard Group Inc lifted its position in Seattle Genetics by 1.7% during the third quarter. Vanguard Group Inc now owns 8,914,184 shares of the biotechnology company’s stock worth $687,461,000 after buying an additional 148,979 shares in the last quarter.

Seattle Genetics Company Profile

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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