Brown Advisory Inc. Decreases Position in Seattle Genetics, Inc. (SGEN)
Brown Advisory Inc. trimmed its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 9.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,938 shares of the biotechnology company’s stock after selling 3,561 shares during the period. Brown Advisory Inc.’s holdings in Seattle Genetics were worth $1,847,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Quantbot Technologies LP grew its position in Seattle Genetics by 116.5% during the 3rd quarter. Quantbot Technologies LP now owns 2,654 shares of the biotechnology company’s stock worth $144,000 after acquiring an additional 1,428 shares during the last quarter. First Manhattan Co. grew its position in Seattle Genetics by 31.3% during the 2nd quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after acquiring an additional 750 shares during the last quarter. Bristlecone Advisors LLC bought a new position in Seattle Genetics during the 3rd quarter worth approximately $180,000. DRW Securities LLC bought a new position in Seattle Genetics during the 2nd quarter worth approximately $207,000. Finally, Andra AP fonden bought a new position in Seattle Genetics during the 2nd quarter worth approximately $212,000. 98.96% of the stock is currently owned by institutional investors.
Several equities analysts recently issued reports on SGEN shares. Cantor Fitzgerald set a $46.00 price target on Seattle Genetics and gave the stock a “hold” rating in a research report on Wednesday, August 16th. Cann reiterated a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, August 29th. ValuEngine upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Oppenheimer reiterated a “hold” rating on shares of Seattle Genetics in a research report on Friday, September 8th. Finally, Jefferies Group reiterated a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research report on Thursday, September 14th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $63.53.
In related news, Director Marc E. Lippman sold 3,000 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $58.07, for a total transaction of $174,210.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Vaughn B. Himes sold 10,000 shares of Seattle Genetics stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $59.97, for a total value of $599,700.00. The disclosure for this sale can be found here. Insiders have sold 157,210 shares of company stock worth $9,237,281 over the last 90 days. 34.70% of the stock is currently owned by corporate insiders.
Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) opened at $57.27 on Friday. Seattle Genetics, Inc. has a 1 year low of $45.31 and a 1 year high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The company had revenue of $135.29 million for the quarter, compared to analyst estimates of $112.76 million. During the same period in the previous year, the company posted ($0.23) earnings per share. The firm’s revenue was up 27.3% on a year-over-year basis. sell-side analysts expect that Seattle Genetics, Inc. will post -0.93 EPS for the current year.
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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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