Seattle Genetics (SGEN) Receives a Buy from Needham


Needham analyst Chad Messer assigned a Buy rating to Seattle Genetics (SGEN) today and set a price target of $254.00. The company’s shares closed last Monday at $206.32.

According to TipRanks.com, Messer is a 5-star analyst with an average return of 10.3% and a 47.1% success rate. Messer covers the Healthcare sector, focusing on stocks such as Phasebio Pharmaceuticals, Aeglea Biotherapeutics, and Ionis Pharmaceuticals.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Seattle Genetics with a $191.15 average price target, representing a -6.3% downside. In a report released today, Leerink Partners also maintained a Buy rating on the stock with a $204.00 price target.

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Based on Seattle Genetics’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $278 million and GAAP net loss of $21.19 million. In comparison, last year the company earned revenue of $218 million and had a GAAP net loss of $79.24 million.

Based on the recent corporate insider activity of 89 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, Jean Liu, the GC of SGEN bought 9,954 shares for a total of $366,019.

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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