Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 7.0% during the first quarter, Holdings Channel reports. The institutional investor owned 24,945 shares of the biotechnology company’s stock after selling 1,881 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Seattle Genetics were worth $1,568,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Hanseatic Management Services Inc. purchased a new position in shares of Seattle Genetics during the third quarter worth about $2,007,000. UBS Asset Management Americas Inc. boosted its position in shares of Seattle Genetics by 124.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 188,705 shares of the biotechnology company’s stock worth $9,959,000 after buying an additional 104,557 shares in the last quarter. Tocqueville Asset Management L.P. boosted its position in shares of Seattle Genetics by 49.4% in the third quarter. Tocqueville Asset Management L.P. now owns 37,050 shares of the biotechnology company’s stock valued at $2,001,000 after buying an additional 12,250 shares during the period. Opus Point Partners Management LLC boosted its position in shares of Seattle Genetics by 0.5% in the fourth quarter. Opus Point Partners Management LLC now owns 68,310 shares of the biotechnology company’s stock valued at $3,605,000 after buying an additional 357 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of Seattle Genetics during the fourth quarter valued at $13,367,000. Institutional investors own 98.43% of the company’s stock.
Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) traded down 0.16% during midday trading on Friday, hitting $66.60. The stock had a trading volume of 735,722 shares. The stock’s 50-day moving average is $64.46 and its 200-day moving average is $63.40. Seattle Genetics, Inc. has a 12 month low of $35.93 and a 12 month high of $75.36. The stock’s market cap is $9.50 billion.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by $0.01. The business had revenue of $109.10 million for the quarter, compared to the consensus estimate of $103.23 million. Seattle Genetics had a negative net margin of 33.51% and a negative return on equity of 20.86%. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) earnings per share. Equities analysts anticipate that Seattle Genetics, Inc. will post ($1.79) EPS for the current year.
Several equities analysts have weighed in on SGEN shares. Leerink Swann raised their price objective on Seattle Genetics from $70.00 to $74.00 and gave the company an “outperform” rating in a research note on Friday, April 7th. HC Wainwright raised their price objective on Seattle Genetics from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Zacks Investment Research upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. TheStreet cut Seattle Genetics from a “c-” rating to a “d” rating in a research note on Tuesday, May 9th. Finally, Cann started coverage on Seattle Genetics in a research note on Wednesday, March 15th. They set a “market perform” rating on the stock. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics presently has an average rating of “Hold” and an average price target of $59.21.
In other news, CEO Clay B. Siegall sold 14,465 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $68.04, for a total transaction of $984,198.60. Following the transaction, the chief executive officer now directly owns 646,858 shares of the company’s stock, valued at $44,012,218.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Vaughn B. Himes sold 10,000 shares of the company’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $62.75, for a total value of $627,500.00. Following the transaction, the insider now directly owns 161,283 shares in the company, valued at $10,120,508.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,930 shares of company stock worth $2,522,849. Corporate insiders own 33.30% of the company’s stock.
Seattle Genetics Company Profile
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).
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