Sumitomo Mitsui Asset Management Company LTD maintained its stake in Seattle Genetics, Inc. (NASDAQ:SGEN) during the second quarter, according to its most recent filing with the SEC. The fund owned 7,982 shares of the biotechnology company’s stock at the end of the second quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Seattle Genetics were worth $412,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SGEN. Vanguard Group Inc. raised its stake in shares of Seattle Genetics by 3.9% in the first quarter. Vanguard Group Inc. now owns 7,362,687 shares of the biotechnology company’s stock worth $462,818,000 after buying an additional 275,044 shares during the last quarter. BlackRock Inc. raised its stake in shares of Seattle Genetics by 6,338.2% in the first quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock worth $456,845,000 after buying an additional 7,154,776 shares during the last quarter. State Street Corp raised its stake in shares of Seattle Genetics by 10.9% in the first quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock worth $178,847,000 after buying an additional 279,079 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Seattle Genetics by 8.3% in the first quarter. Geode Capital Management LLC now owns 795,339 shares of the biotechnology company’s stock worth $49,976,000 after buying an additional 60,696 shares during the last quarter. Finally, Blair William & Co. IL raised its stake in shares of Seattle Genetics by 1.4% in the first quarter. Blair William & Co. IL now owns 645,080 shares of the biotechnology company’s stock worth $42,350,000 after buying an additional 8,778 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Seattle Genetics, Inc. (NASDAQ:SGEN) opened at 46.32 on Friday. The company’s 50-day moving average is $52.15 and its 200 day moving average is $61.17. The stock’s market capitalization is $6.63 billion. Seattle Genetics, Inc. has a 12-month low of $42.58 and a 12-month high of $75.36.

Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.03. The business had revenue of $108.20 million for the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.23) earnings per share. On average, analysts predict that Seattle Genetics, Inc. will post ($1.70) EPS for the current year.

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SGEN has been the subject of several research reports. Barclays PLC restated a “hold” rating on shares of Seattle Genetics in a research note on Friday, June 23rd. BidaskClub downgraded shares of Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. TheStreet downgraded shares of Seattle Genetics from a “c-” rating to a “d” rating in a research note on Tuesday, May 9th. Jefferies Group LLC restated a “buy” rating and issued a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, July 27th. Finally, ValuEngine upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $62.07.

In other news, EVP Darren S. Cline sold 6,000 shares of Seattle Genetics stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $49.19, for a total value of $295,140.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of Seattle Genetics stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,259 shares of company stock worth $3,211,411. 33.30% of the stock is currently owned by insiders.

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

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