California Public Employees Retirement System grew its holdings in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 228,600 shares of the biotechnology company’s stock after acquiring an additional 3,700 shares during the quarter. California Public Employees Retirement System owned 0.16% of Seattle Genetics worth $11,828,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Neuberger Berman Group LLC raised its stake in Seattle Genetics by 0.5% during the first quarter. Neuberger Berman Group LLC now owns 12,630 shares of the biotechnology company’s stock worth $794,000 after acquiring an additional 59 shares in the last quarter. Aperio Group LLC raised its stake in Seattle Genetics by 0.3% during the second quarter. Aperio Group LLC now owns 31,693 shares of the biotechnology company’s stock worth $1,640,000 after acquiring an additional 91 shares in the last quarter. Eqis Capital Management Inc. raised its stake in Seattle Genetics by 0.7% during the second quarter. Eqis Capital Management Inc. now owns 26,258 shares of the biotechnology company’s stock worth $1,359,000 after acquiring an additional 177 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Seattle Genetics by 1.1% during the second quarter. Oregon Public Employees Retirement Fund now owns 18,400 shares of the biotechnology company’s stock worth $952,000 after acquiring an additional 200 shares in the last quarter. Finally, M&T Bank Corp raised its stake in Seattle Genetics by 7.3% during the first quarter. M&T Bank Corp now owns 4,376 shares of the biotechnology company’s stock worth $276,000 after acquiring an additional 297 shares in the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

In related news, CMO Jonathan G. Drachman sold 10,000 shares of Seattle Genetics stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $54.54, for a total transaction of $545,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Clay B. Siegall sold 10,413 shares of Seattle Genetics stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $48.91, for a total value of $509,299.83. The disclosure for this sale can be found here. Insiders have sold 164,929 shares of company stock worth $8,342,308 over the last three months. Insiders own 34.70% of the company’s stock.

SGEN has been the subject of several research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Seattle Genetics in a research note on Tuesday, June 20th. 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. Cantor Fitzgerald set a $43.00 price objective on Seattle Genetics and gave the company a “hold” rating in a research note on Monday, June 19th. Cowen and Company reaffirmed a “hold” rating and issued a $54.00 price objective (down previously from $61.00) on shares of Seattle Genetics in a research note on Monday, June 19th. Finally, Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Monday, June 19th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Seattle Genetics has a consensus rating of “Hold” and an average price target of $60.57.

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Seattle Genetics, Inc. (NASDAQ SGEN) opened at 58.34 on Friday. The firm’s 50 day moving average price is $52.08 and its 200-day moving average price is $57.87. Seattle Genetics, Inc. has a 12-month low of $45.31 and a 12-month high of $75.36. The company’s market capitalization is $8.34 billion.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. The firm had revenue of $108.20 million for the quarter, compared to analysts’ expectations of $105.92 million. During the same period in the previous year, the firm earned ($0.23) earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. On average, equities analysts anticipate that Seattle Genetics, Inc. will post ($1.68) 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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Institutional Ownership by Quarter for Seattle Genetics (NASDAQ:SGEN)

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