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Shares of Seattle Genetics Rise to a New 52-Week High

By James Quinn

Seattle Genetics (NASDAQ:SGEN) traded today at a new 52-week high of $55.99. Approximately 190,000 shares have changed hands today, as compared to an average 30-day volume of 1.1 million shares.

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 $26.68 to $55.99 and is now at $55.59, 108% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has risen 0.9%.

Seattle Genetics (NASDAQ:SGEN) defies analysts with a current price ($55.59) 26.8% above its average consensus price target of $40.67. The stock should discover initial support at its 50-day moving average (MA) of $44.91 and subsequent support at its 200-day MA of $40.99.

SmarTrend recommended that subscribers consider buying shares of Seattle Genetics on February 11th, 2014 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.31. Since that recommendation, shares of Seattle Genetics have risen 21.7%. We continue to monitor SGEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows seattle genetics

Ticker(s): SGEN