Vanguard Group Inc. increased its holdings in Seattle Genetics, Inc. (NASDAQ:SGEN) by 1.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 9,393,384 shares of the biotechnology company’s stock after purchasing an additional 132,318 shares during the quarter. Vanguard Group Inc. owned approximately 0.06% of Seattle Genetics worth $650,116,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in SGEN. BSW Wealth Partners purchased a new stake in shares of Seattle Genetics in the 2nd quarter worth about $29,000. Glen Harbor Capital Management LLC purchased a new stake in shares of Seattle Genetics in the 2nd quarter worth about $44,000. Tyers Asset Management LLC purchased a new stake in shares of Seattle Genetics in the 2nd quarter worth about $61,000. Resources Investment Advisors LLC. lifted its holdings in Seattle Genetics by 310.0% in the 2nd quarter. Resources Investment Advisors LLC. now owns 1,025 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 775 shares in the last quarter. Finally, Flinton Capital Management LLC purchased a new position in Seattle Genetics in the 2nd quarter valued at about $78,000. Institutional investors and hedge funds own 98.86% of the company’s stock.
In other news, insider Clay B. Siegall sold 20,148 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $66.89, for a total transaction of $1,347,699.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vaughn B. Himes sold 8,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $72.86, for a total transaction of $582,880.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 159,103 shares of company stock valued at $11,547,953. Corporate insiders own 33.80% of the company’s stock.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Tuesday, July 16th. The biotechnology company reported ($0.49) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.10). Seattle Genetics had a negative net margin of 36.94% and a negative return on equity of 17.16%. The company had revenue of $218.45 million for the quarter, compared to analyst estimates of $189.76 million. During the same period in the prior year, the company earned $0.47 EPS. The company’s revenue was up 28.4% compared to the same quarter last year. As a group, analysts anticipate that Seattle Genetics, Inc. will post -1.31 earnings per share for the current year.
SGEN has been the topic of a number of recent research reports. Piper Jaffray Companies upgraded shares of Seattle Genetics from a “neutral” rating to an “overweight” rating and upped their target price for the company from $64.00 to $75.00 in a report on Wednesday, July 17th. BidaskClub upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a report on Wednesday. Oppenheimer upgraded shares of Seattle Genetics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $77.00 to $82.00 in a report on Thursday, September 12th. ValuEngine upgraded shares of Seattle Genetics from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 17th. Finally, BTIG Research initiated coverage on shares of Seattle Genetics in a report on Monday, August 26th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $82.64.
Seattle Genetics Company Profile
Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.
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