Russell Investments Group Ltd. Sells 20,800 Shares of Seattle Genetics, Inc. (SGEN)
Russell Investments Group Ltd. cut its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 7.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 258,898 shares of the biotechnology company’s stock after selling 20,800 shares during the period. Russell Investments Group Ltd.’s holdings in Seattle Genetics were worth $13,396,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in SGEN. 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 during the last quarter. World Asset Management Inc acquired a new position in shares of Seattle Genetics during the first quarter worth about $273,000. Teachers Advisors LLC boosted its position in shares of Seattle Genetics by 24.0% in the first quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock worth $22,438,000 after buying an additional 69,140 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Seattle Genetics by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 31,050 shares of the biotechnology company’s stock worth $1,951,000 after buying an additional 250 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Seattle Genetics by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 429,927 shares of the biotechnology company’s stock worth $27,024,000 after buying an additional 15,903 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) traded up 0.26% during midday trading on Friday, hitting $46.32. 1,009,688 shares of the company were exchanged. The firm’s market capitalization is $6.63 billion. The firm’s 50 day moving average price is $52.15 and its 200 day moving average price is $61.17. Seattle Genetics, Inc. has a one year low of $42.58 and a one year high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The company had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. During the same period in the prior year, the company posted ($0.23) earnings per share. Seattle Genetics’s revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts forecast that Seattle Genetics, Inc. will post ($1.70) EPS for the current fiscal year.
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SGEN has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. BidaskClub cut shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 27th. TheStreet cut shares of Seattle Genetics from a “c-” rating to a “d” rating in a research note on Tuesday, May 9th. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $48.00 price objective on shares of Seattle Genetics in a research note on Tuesday, June 27th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Seattle Genetics has a consensus rating of “Hold” and a consensus target price of $62.07.
In related news, CMO Jonathan G. Drachman sold 10,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total transaction of $640,100.00. Following the transaction, the chief marketing officer now directly owns 125,204 shares of the company’s stock, valued at $8,014,308.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 10,413 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $48.91, for a total transaction of $509,299.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,259 shares of company stock worth $3,211,411. 33.30% of the stock is owned by insiders.
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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