First Trust Advisors LP reduced its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 6.4% in the 4th quarter, HoldingsChannel reports. The firm owned 633,794 shares of the biotechnology company’s stock after selling 43,485 shares during the period. First Trust Advisors LP’s holdings in Seattle Genetics were worth $33,908,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SGEN. The Manufacturers Life Insurance Company raised its position in Seattle Genetics by 6.6% during the second quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock valued at $250,000 after purchasing an additional 299 shares in the last quarter. Verition Fund Management LLC acquired a new position in Seattle Genetics during the second quarter valued at approximately $338,000. Bristlecone Advisors LLC acquired a new position in Seattle Genetics during the third quarter valued at approximately $180,000. Fox Run Management L.L.C. raised its position in Seattle Genetics by 96.5% during the third quarter. Fox Run Management L.L.C. now owns 22,200 shares of the biotechnology company’s stock valued at $1,208,000 after purchasing an additional 10,900 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its position in Seattle Genetics by 79.3% during 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 purchasing an additional 560,110 shares in the last quarter. Institutional investors and hedge funds own 90.99% of the company’s stock.
Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) opened at $54.48 on Tuesday. Seattle Genetics, Inc. has a one year low of $45.31 and a one year high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.02. The firm had revenue of $129.61 million for the quarter, compared to analysts’ expectations of $123.99 million. Seattle Genetics had a negative net margin of 26.03% and a negative return on equity of 32.49%. The company’s revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.39) earnings per share. equities research analysts anticipate that Seattle Genetics, Inc. will post -1.59 earnings per share for the current year.
In other Seattle Genetics news, Director Bros. Advisors Lp Baker acquired 3,846,153 shares of Seattle Genetics stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average price of $52.00 per share, with a total value of $199,999,956.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $49.75, for a total transaction of $936,892.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,225 shares of company stock worth $3,772,766. Insiders own 34.70% of the company’s stock.
Several research analysts have commented on the stock. Guggenheim restated a “buy” rating and set a $72.00 price objective on shares of Seattle Genetics in a research report on Monday, October 23rd. Oppenheimer restated a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, January 2nd. SunTrust Banks restated a “hold” rating and set a $60.00 price objective on shares of Seattle Genetics in a research report on Wednesday, February 7th. Cowen restated a “hold” rating on shares of Seattle Genetics in a research report on Sunday, October 29th. Finally, Bank of America lowered their price objective on shares of Seattle Genetics from $70.00 to $68.00 and set a “neutral” rating for the company in a research report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $64.25.
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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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