Investors Buy Large Volume of Call Options on Seattle Genetics (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN) was the target of some unusual options trading on Friday. Stock traders purchased 4,134 call options on the company. This is an increase of approximately Infinity compared to the typical daily volume of 0 call options.
Several equities research analysts recently issued reports on the company. Cowen and Company restated a “hold” rating on shares of Seattle Genetics in a research note on Sunday, October 29th. SunTrust Banks, Inc. set a $52.00 price target on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Friday, October 27th. J P Morgan Chase & Co increased their price objective on Seattle Genetics from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Cantor Fitzgerald set a $46.00 price objective on Seattle Genetics and gave the company a “hold” rating in a report on Wednesday, August 16th. Finally, Bank of America Corporation raised shares of Seattle Genetics from an “underperform” rating to a “neutral” rating in a research report on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Seattle Genetics currently has an average rating of “Hold” and a consensus target price of $63.00.
In other news, insider Vaughn B. Himes sold 6,377 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $305,394.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Jonathan G. Drachman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $47.54, for a total value of $475,400.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 196,733 shares of company stock worth $10,543,551. Company insiders own 34.70% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Seattle Genetics by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,530,515 shares of the biotechnology company’s stock worth $389,628,000 after purchasing an additional 167,828 shares during the period. BlackRock Inc. raised its position in Seattle Genetics by 2.6% in the 2nd quarter. BlackRock Inc. now owns 7,453,483 shares of the biotechnology company’s stock worth $385,644,000 after purchasing an additional 185,823 shares during the period. Capital International Investors raised its position in Seattle Genetics by 34.3% in the 2nd quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock worth $140,970,000 after purchasing an additional 695,986 shares during the period. Matrix Capital Management Company LP raised its position in Seattle Genetics by 18.8% in the 2nd quarter. Matrix Capital Management Company LP now owns 2,118,000 shares of the biotechnology company’s stock worth $109,585,000 after purchasing an additional 335,000 shares during the period. Finally, Pictet Asset Management Ltd. increased its position in shares of Seattle Genetics by 79.3% in the third quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock valued at $68,906,000 after acquiring an additional 560,110 shares during the period. Institutional investors own 97.13% of the company’s stock.
Seattle Genetics (NASDAQ SGEN) opened at $61.38 on Monday. Seattle Genetics has a fifty-two week low of $45.31 and a fifty-two week high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. Seattle Genetics had a negative net margin of 26.53% and a negative return on equity of 33.16%. The company had revenue of $135.29 million during the quarter, compared to the consensus estimate of $112.76 million. During the same period in the previous year, the firm posted ($0.23) EPS. The firm’s revenue was up 27.3% compared to the same quarter last year. equities analysts forecast that Seattle Genetics will post -1.01 earnings per share for the current fiscal year.
About Seattle Genetics
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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