Seattle Genetics (SGEN) was Reiterated by RBC Capital Mkts to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 62 from a previous price target of $55 . RBC Capital Mkts advised their investors in a research report released on Oct 10, 2016.
Many Wall Street Analysts have commented on Seattle Genetics. Seattle Genetics was Upgraded by Goldman to ” Neutral” on Sep 15, 2016. Seattle Genetics was Initiated by Morgan Stanley to “Overweight” on Sep 7, 2016. Company shares were Reiterated by Barclays on Jul 27, 2016 to “Overweight”, Firm has raised the Price Target to $ 53 from a previous price target of $48 .
On the company’s financial health, Seattle Genetics reported $-0.15 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.11. The company had revenue of $111.15 million for the quarter, compared to analysts expectations of $115.99 million. The company’s revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.17 EPS.
Seattle Genetics opened for trading at $54.32 and hit $55.94 on the upside on Friday, eventually ending the session at $55.18, with a gain of 1.56% or 0.85 points. The heightened volatility saw the trading volume jump to 6,23,669 shares. Company has a market cap of $7,754 M.
In a different news, on Sep 23, 2016, Jonathan G Drachman (CMO & EVP, R & D) sold 2,249 shares at $56.75 per share price. According to the SEC, on Sep 15, 2016, Eric Dobmeier (Chief Operating Officer) sold 22,918 shares at $54.22 per share price. On Sep 12, 2016, Clay B Siegall (President and CEO) sold 31,269 shares at $50.08 per share price, according to the Form-4 filing with the securities and exchange commission.
Seattle Genetics Inc. is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s marketed product ADCETRIS or brentuximab vedotin is an antibody-drug conjugate (ADC) comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent monomethyl auristatin E (MMAE) utilizing its technology. In addition to ADCETRIS the Company’s pipeline includes six clinical-stage ADC programs consisting of SGN-CD33A SGN-CD19A SGN-LIV1A SGN-CD70A ASG-22ME and ASG-15ME and SEA-CD40 which is based on its sugar-engineered antibody (SEA) technology. In addition it has multiple preclinical and research-stage programs that employ its technologies. Its technologies include ADC technology and Seattle Genetics’ sugar-engineered antibody (SEA) technology.