Seattle Genetics Receives a Hold from J.P. Morgan

By Carrie Williams

J.P. Morgan analyst Cory Kasimov maintained a Hold rating on Seattle Genetics (NASDAQ: SGEN) on October 27 and set a price target of $43. The company’s shares closed last Friday at $50.85.

According to TipRanks.com, Kasimov is ranked 0 out of 5 stars with an average return of -15.5% and a 24.4% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals Inc, Karyopharm Therapeutics, and ACADIA Pharmaceuticals.

Currently, the analyst consensus on Seattle Genetics is Moderate Buy and the average price target is $55.50, representing a 9.1% upside.

In a report issued on October 27, Cantor Fitzgerald also reiterated a Hold rating on the stock with a $43 price target.

The company has a one year high of $57.83 and a one year low of $26.02. Currently, Seattle Genetics has an average volume of 829.5K.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. Last month, Eric Dobmeier, a the COO of SGEN sold 22,918 shares for a total of $1,238,374.

Seattle Genetics, Inc. engages in the development and commercialization of monoclonal antibody-based therapies for cancer. Its product ADCETRIS or brentuximab vedotin has been approved by both U.S. Food and Drug Association and Health Canada in U.S. and Canada respectively. ADCETRIS is an antibody-drug conjugate comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E. The company was founded by Clay B. Siegall and H. Perry Fell on July 15, 1997 and is headquartered in Bothell, WA.