Seattle Genetics, Inc. (SGEN) Holdings Lifted by Verity Asset Management Inc.
Verity Asset Management Inc. raised its holdings in Seattle Genetics, Inc. (NASDAQ:SGEN) by 31.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,882 shares of the biotechnology company’s stock after acquiring an additional 1,391 shares during the period. Verity Asset Management Inc.’s holdings in Seattle Genetics were worth $304,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. First Manhattan Co. grew its position in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after acquiring an additional 750 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Seattle Genetics by 562.5% in the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock valued at $167,000 after acquiring an additional 2,250 shares during the last quarter. Meeder Asset Management Inc. grew its position in Seattle Genetics by 1,580.9% in the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock valued at $205,000 after acquiring an additional 3,715 shares during the last quarter. Capital Fund Management S.A. bought a new position in Seattle Genetics in the first quarter valued at about $208,000. Finally, Andra AP fonden bought a new position in Seattle Genetics in the second quarter valued at about $212,000. Hedge funds and other institutional investors own 97.63% of the company’s stock.
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In other news, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $64.01, for a total value of $640,100.00. Following the completion of the transaction, the chief marketing officer now owns 125,204 shares in the company, valued at approximately $8,014,308.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 18,832 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $53.49, for a total value of $1,007,323.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,352 shares of company stock valued at $9,524,196. 34.70% of the stock is currently owned by company insiders.
Shares of Seattle Genetics, Inc. (NASDAQ SGEN) traded down 0.76% during trading on Monday, reaching $53.38. The company’s stock had a trading volume of 277,710 shares. The stock’s market cap is $7.63 billion. Seattle Genetics, Inc. has a 52-week low of $45.31 and a 52-week high of $75.36. The stock’s 50 day moving average price is $49.62 and its 200-day moving average price is $59.17.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $108.20 million for the quarter, compared to analyst estimates of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company earned ($0.23) EPS. Equities analysts anticipate that Seattle Genetics, Inc. will post ($1.68) EPS for the current year.
A number of research analysts have issued reports on SGEN shares. BidaskClub cut Seattle Genetics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Jefferies Group LLC restated a “buy” rating and set a $53.00 price target on shares of Seattle Genetics in a report on Thursday, July 27th. Cantor Fitzgerald restated a “hold” rating on shares of Seattle Genetics in a report on Tuesday, August 29th. ValuEngine upgraded Seattle Genetics from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $48.00 price target on shares of Seattle Genetics in a report on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Seattle Genetics currently has an average rating of “Hold” and a consensus price target of $61.77.
Seattle Genetics 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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