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Shares of Seattle Genetics Under Pressure, Down 2.2%

Published on Tue, 09/02/2014 - 11:11
By Peter Chu

One of today's stocks on the move is Seattle Genetics (NASDAQ:SGEN), down 2.2% to $43.05. The Dow Jones Industrial Average is now trading fractionally higher to 17,109 and the S&P is trading fractionally higher to 2,005.

Seattle Genetics has overhead space with shares priced $43.05, or 7.5% below the average consensus analyst price target of $46.55. The stock should discover initial support at its 200-day moving average (MA) of $41.52 and subsequent support at its 50-day MA of $38.69.

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.

Over the past year, Seattle Genetics has traded in a range of $32.35 to $55.99 and is now at $43.05, 33% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.0%.

By Peter Chu
pchu@fnno.com

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