Brokerages Expect Seattle Genetics, Inc. (NASDAQ:SGEN) Will Announce Quarterly Sales of $255.17 Million

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Wall Street brokerages expect Seattle Genetics, Inc. (NASDAQ:SGEN) to post $255.17 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Seattle Genetics’ earnings. The highest sales estimate is $270.00 million and the lowest is $240.73 million. Seattle Genetics posted sales of $218.45 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 16.8%. The firm is expected to report its next earnings results on Tuesday, July 21st.

On average, analysts expect that Seattle Genetics will report full year sales of $1.08 billion for the current financial year, with estimates ranging from $1.03 billion to $1.13 billion. For the next financial year, analysts anticipate that the business will post sales of $1.59 billion, with estimates ranging from $1.39 billion to $1.95 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Seattle Genetics.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.98) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.81) by ($0.17). Seattle Genetics had a negative return on equity of 16.51% and a negative net margin of 32.81%. The business had revenue of $234.51 million for the quarter, compared to the consensus estimate of $207.59 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year.

A number of analysts have weighed in on the stock. Zacks Investment Research lowered shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $132.00 target price on the stock. in a research report on Wednesday, April 15th. Morgan Stanley raised their target price on shares of Seattle Genetics from $111.00 to $149.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Royal Bank of Canada raised their target price on shares of Seattle Genetics from $148.00 to $149.00 and gave the company an “outperform” rating in a research report on Friday, May 1st. Piper Sandler lifted their price target on shares of Seattle Genetics from $135.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, SVB Leerink lifted their price target on shares of Seattle Genetics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $147.42.

Shares of SGEN traded up $1.42 during mid-day trading on Wednesday, hitting $170.45. 959,827 shares of the company’s stock were exchanged, compared to its average volume of 1,239,230. Seattle Genetics has a 52 week low of $63.02 and a 52 week high of $175.64. The stock’s 50-day simple moving average is $158.72 and its 200-day simple moving average is $129.10. The firm has a market cap of $29.26 billion, a price-to-earnings ratio of -90.58 and a beta of 1.46.

In other Seattle Genetics news, CEO Clay B. Siegall sold 28,472 shares of the stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $120.01, for a total transaction of $3,416,924.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Todd E. Simpson sold 11,573 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $167.58, for a total transaction of $1,939,403.34. The disclosure for this sale can be found here. Insiders sold a total of 712,329 shares of company stock worth $112,353,457 in the last three months. Insiders own 31.10% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Sunbelt Securities Inc. bought a new position in shares of Seattle Genetics in the 4th quarter worth about $4,456,000. Ellevest Inc. increased its stake in shares of Seattle Genetics by 753.3% in the 2nd quarter. Ellevest Inc. now owns 256 shares of the biotechnology company’s stock worth $43,000 after acquiring an additional 226 shares in the last quarter. Synovus Financial Corp increased its stake in shares of Seattle Genetics by 206.5% in the 1st quarter. Synovus Financial Corp now owns 331 shares of the biotechnology company’s stock worth $38,000 after acquiring an additional 223 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Seattle Genetics by 387.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 458 shares of the biotechnology company’s stock worth $53,000 after acquiring an additional 364 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of Seattle Genetics by 66.7% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 500 shares of the biotechnology company’s stock worth $58,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 94.33% of the company’s stock.

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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