Platinum Investment Management Ltd. continued to hold its stake in Seattle Genetics, Inc. (NASDAQ:SGEN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,000 shares of the biotechnology company’s stock at the end of the second quarter. Platinum Investment Management Ltd.’s holdings in Seattle Genetics were worth $1,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its stake in shares of Seattle Genetics by 6,835.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,300 shares of the biotechnology company’s stock worth $223,000 after buying an additional 4,238 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Seattle Genetics during the 2nd quarter worth about $207,000. The Manufacturers Life Insurance Company lifted its stake in shares of Seattle Genetics by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock worth $250,000 after buying an additional 299 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Seattle Genetics by 6.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after buying an additional 2,500 shares during the last quarter. Finally, Caxton Associates LP acquired a new stake in shares of Seattle Genetics during the 2nd quarter worth about $269,000. 97.63% of the stock is owned by institutional investors.
SGEN has been the subject of a number of research reports. Needham & Company LLC restated 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 restated a “buy” rating and set a $53.00 target price on shares of Seattle Genetics in a research note on Thursday, July 27th. Cantor Fitzgerald set a $43.00 target price on shares of Seattle Genetics and gave the stock a “hold” rating in a research note on Monday, June 19th. Cowen and Company restated a “hold” rating and set a $54.00 target price (down previously from $61.00) on shares of Seattle Genetics in a research note on Monday, June 19th. Finally, Cann restated a “hold” rating on shares of Seattle Genetics in a research note on Monday, June 19th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics has an average rating of “Hold” and an average price target of $60.80.
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In other news, insider Clay B. Siegall sold 10,413 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $48.91, for a total value of $509,299.83. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Jonathan G. Drachman sold 10,000 shares of the stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The disclosure for this sale can be found here. Insiders have sold 164,929 shares of company stock valued at $8,342,308 in the last quarter. Company insiders own 34.70% of the company’s stock.
Shares of Seattle Genetics, Inc. (NASDAQ SGEN) traded down 1.42% during mid-day trading on Friday, reaching $57.51. 764,945 shares of the company’s stock traded hands. The firm has a 50-day moving average of $52.40 and a 200 day moving average of $57.79. The company’s market cap is $8.23 billion. Seattle Genetics, Inc. has a 12-month low of $45.31 and a 12-month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last issued its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. The firm had revenue of $108.20 million during the quarter, compared to analyst estimates of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.23) earnings per share. Equities analysts forecast that Seattle Genetics, Inc. will post ($1.68) EPS for the current year.
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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