Shell Asset Management Co. raised its holdings in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 19.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,364 shares of the biotechnology company’s stock after acquiring an additional 1,198 shares during the period. Shell Asset Management Co.’s holdings in Seattle Genetics were worth $568,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Baker BROS. Advisors LP lifted its stake in Seattle Genetics by 3.0% in the second quarter. Baker BROS. Advisors LP now owns 51,046,060 shares of the biotechnology company’s stock worth $3,388,948,000 after acquiring an additional 1,470,651 shares during the period. Point72 Asset Management L.P. purchased a new stake in Seattle Genetics in the second quarter worth $83,840,000. First Trust Advisors LP lifted its stake in Seattle Genetics by 70.7% in the third quarter. First Trust Advisors LP now owns 1,779,195 shares of the biotechnology company’s stock worth $137,212,000 after acquiring an additional 736,621 shares during the period. Eagle Asset Management Inc. purchased a new stake in Seattle Genetics in the second quarter worth $37,747,000. Finally, BlackRock Inc. lifted its stake in Seattle Genetics by 5.1% in the second quarter. BlackRock Inc. now owns 8,928,665 shares of the biotechnology company’s stock worth $592,774,000 after acquiring an additional 435,702 shares during the period.
In other Seattle Genetics news, insider Clay B. Siegall sold 20,148 shares of the stock in a transaction on Monday, September 17th. The stock was sold at an average price of $76.84, for a total value of $1,548,172.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vaughn B. Himes sold 5,000 shares of the stock in a transaction on Friday, November 30th. The stock was sold at an average price of $62.14, for a total value of $310,700.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,611 shares of company stock valued at $5,334,380. 33.80% of the stock is owned by corporate insiders.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, October 25th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.15). The firm had revenue of $169.42 million during the quarter, compared to the consensus estimate of $164.75 million. Seattle Genetics had a negative return on equity of 19.13% and a negative net margin of 26.58%. Analysts predict that Seattle Genetics, Inc. will post -1.44 EPS for the current fiscal year.
SGEN has been the subject of a number of research analyst reports. Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Monday, October 22nd. Piper Jaffray Companies reaffirmed a “neutral” rating on shares of Seattle Genetics in a research note on Friday, September 7th. Guggenheim initiated coverage on Seattle Genetics in a research note on Monday, September 17th. They issued a “buy” rating for the company. Leerink Swann initiated coverage on Seattle Genetics in a research note on Monday, September 24th. They issued an “outperform” rating and a $101.00 price target for the company. Finally, Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Thursday, August 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $77.77.
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Seattle Genetics Company Profile
Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.
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