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Watch for Continued Gains in Shares of Seattle Genetics (SGEN)

By James Quinn

Seattle Genetics (NASDAQ:SGEN) traded at a new 52-week high today of $55.19. This new high was reached on below average trading volume as 323,000 shares traded hands, while the average 30-day volume is approximately 954,000 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.

Seattle Genetics (NASDAQ:SGEN) defies analysts with a current price ($54.42) 8.7% above its average consensus price target of $49.69. The stock should discover initial support at its 200-day moving average (MA) of $39.22 and subsequent support at its 50-day MA of $35.07.

In the past 52 weeks, Seattle Genetics share prices have been bracketed by a low of $26.02 and a high of $55.19 and are now at $54.42, 109% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.8%.

SmarTrend is monitoring the recent change of momentum in Seattle Genetics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Seattle Genetics in search of a potential trend change.

Keywords: 52 week high/lows seattle genetics

Ticker(s): SGEN