Wall Street brokerages forecast that Seattle Genetics, Inc. (NASDAQ:SGEN) will announce sales of $117.28 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Seattle Genetics’ earnings. The highest sales estimate is $123.39 million and the lowest is $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 7.5%. The business is expected to issue its next quarterly earnings report on Thursday, April 26th.
On average, analysts expect that Seattle Genetics will report full year sales of $117.28 million for the current fiscal year, with estimates ranging from $495.42 million to $566.10 million. For the next year, analysts expect that the company will report sales of $726.76 million per share, with estimates ranging from $648.40 million to $833.66 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 announced its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.02. The company had revenue of $129.61 million during the quarter, compared to analysts’ expectations of $123.99 million. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.39) earnings per share.
Several brokerages have recently weighed in on SGEN. Oppenheimer reiterated a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, January 2nd. SunTrust Banks reiterated a “hold” rating and issued a $60.00 price target on shares of Seattle Genetics in a research report on Wednesday, February 7th. Cowen reiterated a “hold” rating and issued a $54.00 price target on shares of Seattle Genetics in a research report on Monday, December 11th. Bank of America dropped their price objective on Seattle Genetics from $70.00 to $68.00 and set a “neutral” rating for the company in a research note on Wednesday, February 7th. Finally, HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of Seattle Genetics in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $64.25.
Seattle Genetics (SGEN) opened at $57.19 on Friday. The firm has a market capitalization of $9,070.00, a price-to-earnings ratio of -635.44 and a beta of 1.96. Seattle Genetics has a 52-week low of $45.31 and a 52-week high of $71.32.
In other news, Director Bros. Advisors Lp Baker purchased 3,846,153 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was purchased at an average price of $52.00 per share, with a total value of $199,999,956.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of Seattle Genetics stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $55.40, for a total value of $1,043,292.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,953 shares of company stock valued at $3,506,431. Corporate insiders own 34.70% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Capital Bank & Trust Co lifted its stake in Seattle Genetics by 43.7% during the third quarter. Capital Bank & Trust Co now owns 834,519 shares of the biotechnology company’s stock worth $45,406,000 after purchasing an additional 253,753 shares during the last quarter. Creative Planning lifted its stake in Seattle Genetics by 22.5% during the fourth quarter. Creative Planning now owns 42,417 shares of the biotechnology company’s stock worth $2,269,000 after purchasing an additional 7,797 shares during the last quarter. South Dakota Investment Council lifted its stake in Seattle Genetics by 46.8% during the third quarter. South Dakota Investment Council now owns 49,900 shares of the biotechnology company’s stock worth $2,715,000 after purchasing an additional 15,900 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Seattle Genetics in the third quarter worth about $291,000. Finally, UBS Asset Management Americas Inc. increased its holdings in shares of Seattle Genetics by 31.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 726,083 shares of the biotechnology company’s stock worth $38,845,000 after buying an additional 172,224 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.
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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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