Virtus Fund Advisers LLC Purchases New Holdings in Seattle Genetics, Inc. (SGEN)

Virtus Fund Advisers LLC purchased a new position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 18,503 shares of the biotechnology company’s stock, valued at approximately $990,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. grew its holdings in shares of Seattle Genetics by 31.1% during the 4th quarter. UBS Asset Management Americas Inc. now owns 726,083 shares of the biotechnology company’s stock worth $38,845,000 after purchasing an additional 172,224 shares during the period. BlackRock Inc. grew its holdings in shares of Seattle Genetics by 2.9% during the 4th quarter. BlackRock Inc. now owns 7,756,494 shares of the biotechnology company’s stock worth $414,975,000 after purchasing an additional 220,955 shares during the period. Toronto Dominion Bank grew its holdings in shares of Seattle Genetics by 39.9% during the 4th quarter. Toronto Dominion Bank now owns 5,901 shares of the biotechnology company’s stock worth $316,000 after purchasing an additional 1,682 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Seattle Genetics by 52.3% during the 4th quarter. Wells Fargo & Company MN now owns 70,143 shares of the biotechnology company’s stock worth $3,753,000 after purchasing an additional 24,074 shares during the period. Finally, Candriam Luxembourg S.C.A. grew its holdings in shares of Seattle Genetics by 387.0% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 112,000 shares of the biotechnology company’s stock worth $5,992,000 after purchasing an additional 89,000 shares during the period. Institutional investors and hedge funds own 90.99% of the company’s stock.

Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) opened at $53.78 on Friday. Seattle Genetics, Inc. has a 12-month low of $45.31 and a 12-month 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.02. The company had revenue of $129.61 million for the quarter, compared to analyst estimates of $123.99 million. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. Seattle Genetics’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.39) EPS. research analysts forecast that Seattle Genetics, Inc. will post -1.59 EPS for the current fiscal year.

A number of brokerages recently commented on SGEN. JPMorgan Chase & Co. upgraded Seattle Genetics from a “neutral” rating to an “overweight” rating and set a $60.00 target price for the company in a report on Wednesday, February 14th. Bank of America lowered their target price on Seattle Genetics from $70.00 to $68.00 and set a “neutral” rating for the company in a report on Wednesday, February 7th. Needham & Company LLC restated a “buy” rating and set a $74.00 target price (up from $72.00) on shares of Seattle Genetics in a report on Wednesday, February 7th. SunTrust Banks restated a “hold” rating and set a $60.00 target price on shares of Seattle Genetics in a report on Wednesday, February 7th. Finally, HC Wainwright restated a “buy” rating on shares of Seattle Genetics in a report on Wednesday, February 7th. 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 company has a consensus rating of “Hold” and an average target price of $64.25.

In other Seattle Genetics news, insider Vaughn B. Himes sold 10,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Clay B. Siegall sold 18,832 shares of the stock in a transaction dated 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 a total of 70,225 shares of company stock worth $3,772,766 in the last ninety days. 34.70% of the stock is owned by corporate insiders.

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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).

Institutional Ownership by Quarter for Seattle Genetics (NASDAQ:SGEN)

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