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Earnings Look Back: Seattle Genetics Is Up 3.6% Since Reporting Quarterly Results 1 Week Ago (SGEN)

Published on Sat, 05/18/2013 - 09:13
By Mallory Stone

A week ago on May 7th, 2013 Seattle Genetics (NASDAQ:SGEN) reported earnings and analysts, on average, expected a loss of $0.19 on sales of $53.6 million. Seattle Genetics actually reported a loss of $0.14 per share on sales of $57.3 million, beating EPS estimates by $0.05 and beating revenue estimates by $3.8 million. Shares of Seattle Genetics have climbed from $35.41 to $36.70, representing a gain of 3.6% since the company reported earnings 11 days ago.

In the past 52 weeks, shares of Seattle Genetics have traded between a low of $19.00 and a high of $39.00 and closed Thursday at $36.70, which is 93% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 2.2%.

Seattle Genetics, Inc. discovers and develops monoclonal antibody-based drugs to treat cancer and related diseases. The Company's technologies increase the potency and efficacy of monoclonal antibodies with specificity for cancer.

Seattle Genetics (NASDAQ:SGEN) defies analysts with a current price ($36.70) 14.4% above its average consensus price target of $31.40. The stock should discover initial support at its 50-day moving average (MA) of $35.58 and subsequent support at its 200-day MA of $28.72.

By Mallory Stone
mstone@fnno.com