Price Action Report: What’s Seattle Genetics, Inc. Upside After Reaching All Time High?

Price Action Report: What's Seattle Genetics, Inc. Upside After Reaching All Time High?

The stock of Seattle Genetics, Inc. (NASDAQ:SGEN) reached all time high today, Nov, 10 and still has $112.74 target or 69.00% above today’s $66.71 share price. This indicates more upside for the $10.99B company. This technical setup was reported by Barchart.com. If the $112.74 PT is reached, the company will be worth $7.58 billion more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 1.65 million shares traded hands or 46.02% up from the average. Seattle Genetics, Inc. (NASDAQ:SGEN) has risen 92.19% since April 8, 2016 and is uptrending. It has outperformed by 86.54% the S&P500.

Seattle Genetics, Inc. (NASDAQ:SGEN) Ratings Coverage

Out of 8 analysts covering Seattle Genetics (NASDAQ:SGEN), 5 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 63% are positive. Seattle Genetics has been the topic of 14 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The stock of Seattle Genetics, Inc. (NASDAQ:SGEN) earned “Sell” rating by Goldman Sachs on Wednesday, November 18. Goldman Sachs upgraded the stock to “Neutral” rating in Thursday, September 15 report. The company was maintained on Monday, October 10 by RBC Capital Markets. The company was downgraded on Wednesday, July 27 by Cantor Fitzgerald. The rating was maintained by RBC Capital Markets on Monday, September 14 with “Outperform”. The stock of Seattle Genetics, Inc. (NASDAQ:SGEN) has “Overweight” rating given on Wednesday, September 7 by Morgan Stanley. On Wednesday, July 27 the stock rating was maintained by Barclays Capital with “Overweight”. RBC Capital Markets maintained it with “Outperform” rating and $56 target price in Friday, July 31 report. The firm earned “Buy” rating on Tuesday, August 25 by William Blair. The stock has “Outperform” rating given by Credit Suisse on Thursday, January 21.

According to Zacks Investment Research, “Seattle Genetics is a biotechnology company focused on the development and commercialization of innovative antibody-based therapies for the treatment of cancer. Seattle Genetics is leading the field in developing antibody-drug conjugates (ADCs), a technology designed to harness the targeting ability of antibodies to deliver cell-killing agents directly to cancer cells. The company’s lead product, ADCETRIS® (brentuximab vedotin) is an ADC that, in collaboration with Takeda Pharmaceutical Company Limited, is commercially available for two indications in more than 45 countries, including the U.S., Canada, Japan and members of the European Union. Additionally, ADCETRIS is being evaluated broadly in more than 30 ongoing clinical trials. Seattle Genetics is also advancing a robust pipeline of clinical-stage ADC programs, including SGN-CD19A, SGN-CD33A, SGN-LIV1A, SGN-CD70A, ASG-22ME and ASG-15ME.”

Insitutional Activity: The institutional sentiment increased to 0.91 in Q2 2016. Its up 0.17, from 0.74 in 2016Q1. The ratio is positive, as 12 funds sold all Seattle Genetics, Inc. shares owned while 75 reduced positions. 34 funds bought stakes while 45 increased positions. They now own 136.24 million shares or 2.59% less from 139.87 million shares in 2016Q1.
Blair William & Com Il accumulated 0.26% or 696,200 shares. Assetmark owns 193 shares or 0% of their US portfolio. Northern Tru reported 415,410 shares or 0.01% of all its holdings. The California-based Blackrock Institutional Company Na has invested 0.02% in Seattle Genetics, Inc. (NASDAQ:SGEN). Moreover, State Street has 0.01% invested in Seattle Genetics, Inc. (NASDAQ:SGEN) for 2.01M shares. Commonwealth Equity Inc last reported 0% of its portfolio in the stock. Macquarie Gp has invested 0.01% of its portfolio in Seattle Genetics, Inc. (NASDAQ:SGEN). Eqis Capital Mgmt Inc accumulated 0.1% or 38,087 shares. Jpmorgan Chase & Company reported 3,595 shares or 0% of all its holdings. Moreover, Legal And General Grp Public Ltd Company has 0% invested in Seattle Genetics, Inc. (NASDAQ:SGEN) for 10,052 shares. Da Davidson And last reported 0.01% of its portfolio in the stock. Great West Life Assurance Can last reported 0% of its portfolio in the stock. Invesco, a Georgia-based fund reported 196,420 shares. Citigroup Incorporated has 0% invested in the company for 8,633 shares. Fincl Bank Of New York Mellon accumulated 0.01% or 419,602 shares.

Insider Transactions: Since May 17, 2016, the stock had 4 insider purchases, and 24 selling transactions for $110.40 million net activity. DOBMEIER ERIC sold 5,411 shares worth $252,102. The insider SIEGALL CLAY B sold $529,007. $185,943 worth of Seattle Genetics, Inc. (NASDAQ:SGEN) was sold by SIMPSON TODD E. Another trade for 382,500 shares valued at $22.70 million was bought by BAKER FELIX. $185,943 worth of shares were sold by DRACHMAN JONATHAN G on Monday, August 22. $185,943 worth of Seattle Genetics, Inc. (NASDAQ:SGEN) shares were sold by HIMES VAUGHN B. On Tuesday, September 6 the insider Cline Darren S sold $248,307.

More important recent Seattle Genetics, Inc. (NASDAQ:SGEN) news were published by: Businesswire.com which released: “Seattle Genetics and Takeda Complete Enrollment of Phase 3 ECHELON-2 Clinical …” on November 08, 2016, also Fool.com published article titled: “5 Years After Adcetris Approval, Seattle Genetics, Inc. Still Focused on Pipeline”, Streetinsider.com published: “Form 4 SEATTLE GENETICS INC For: Nov 07 Filed by: SIEGALL CLAY B” on November 10, 2016. More interesting news about Seattle Genetics, Inc. (NASDAQ:SGEN) was released by: Streetinsider.com and their article: “Seattle Genetics (SGEN) Granted FDA Breakthrough Therapy Designation for ADCETRIS” with publication date: November 10, 2016.

SGEN Company Profile

Seattle Genetics, Inc., incorporated on July 15, 1997, is a biotechnology firm 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). In addition to ADCETRIS, the Company’s pipeline includes other clinical-stage ADC programs, which are 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. It also has multiple preclinical and research-stage programs that employ its technologies.

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