Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Seattle Genetics, Inc. (NASDAQ:SGEN) by 6.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 24,753 shares of the biotechnology company’s stock after purchasing an additional 1,524 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Seattle Genetics were worth $1,324,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Northern Trust Corp raised its holdings in Seattle Genetics by 0.4% in the second quarter. Northern Trust Corp now owns 568,337 shares of the biotechnology company’s stock worth $29,406,000 after purchasing an additional 1,994 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Seattle Genetics by 6.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock worth $2,080,000 after acquiring an additional 2,500 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Seattle Genetics by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock worth $250,000 after acquiring an additional 299 shares during the last quarter. Verition Fund Management LLC purchased a new stake in shares of Seattle Genetics in the second quarter worth $338,000. Finally, Bristlecone Advisors LLC purchased a new stake in shares of Seattle Genetics in the third quarter worth $180,000. Hedge funds and other institutional investors own 90.99% of the company’s stock.
Shares of Seattle Genetics, Inc. (SGEN) traded down $0.32 during mid-day trading on Wednesday, reaching $54.16. The company had a trading volume of 710,300 shares, compared to its average volume of 1,348,681. The stock has a market cap of $7,800.00, a P/E ratio of -60.89 and a beta of 2.08. Seattle Genetics, Inc. has a 1 year low of $45.31 and a 1 year high of $71.32.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.02. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. The business had revenue of $129.61 million for the quarter, compared to the consensus estimate of $123.99 million. During the same quarter in the previous year, the business earned ($0.39) EPS. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. research analysts predict that Seattle Genetics, Inc. will post -1.59 EPS for the current fiscal year.
Several equities research analysts recently commented on SGEN shares. Jefferies Group reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, October 26th. Bank of America raised Seattle Genetics from an “underperform” rating to a “neutral” rating in a research note on Friday, October 27th. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of Seattle Genetics in a research note on Friday, October 27th. SunTrust Banks set a $52.00 price target on Seattle Genetics and gave the company a “hold” rating in a report on Friday, October 27th. Finally, Cowen restated a “hold” rating on shares of Seattle Genetics in a report on Sunday, October 29th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $64.25.
In other news, insider Vaughn B. Himes sold 10,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $59.97, for a total value of $599,700.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $49.75, for a total value of $936,892.00. The disclosure for this sale can be found here. Insiders sold 70,225 shares of company stock worth $3,772,766 in the last 90 days. Company insiders own 34.70% of the company’s stock.
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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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