Needham Believes Seattle Genetics (SGEN) Won’t Stop Here


In a report released today, Chad Messer from Needham initiated coverage with a Buy rating on Seattle Genetics (SGEN) and a price target of $188.00. The company’s shares closed last Friday at $178.76, close to its 52-week high of $187.99.

According to TipRanks.com, Messer is a 4-star analyst with an average return of 8.3% and a 48.1% success rate. Messer covers the Healthcare sector, focusing on stocks such as Phasebio Pharmaceuticals, Aeglea Biotherapeutics, and Ionis Pharmaceuticals.

Currently, the analyst consensus on Seattle Genetics is a Moderate Buy with an average price target of $182.00, representing a 2.2% upside. In a report issued on September 14, RBC Capital also maintained a Buy rating on the stock with a $191.00 price target.

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The company has a one-year high of $187.99 and a one-year low of $72.27. Currently, Seattle Genetics has an average volume of 970.5K.

Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SGEN in relation to earlier this year. Last month, Clay Siegall, the President & CEO of SGEN bought 10,299 shares for a total of $199,984.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Seattle Genetics, Inc. is a biotechnology company, which engages in the development and commercialization of antibody-based therapies for the treatment of cancer. Its products include Adcetris and Padcev. The firm is also advancing a pipeline of novel therapies for solid tumors and blood-related cancers. The company was founded by Clay B. Siegall and H. Perry Fell on July 15, 1997 and is headquartered in Bothell, WA.

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