Eagle Asset Management Inc. Has $15.51 Million Position in Seattle Genetics, Inc. (SGEN)
Eagle Asset Management Inc. increased its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 56.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 299,804 shares of the biotechnology company’s stock after purchasing an additional 107,793 shares during the period. Eagle Asset Management Inc. owned 0.21% of Seattle Genetics worth $15,511,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of SGEN. BlackRock Inc. grew its stake in shares of Seattle Genetics by 6,338.2% during the first quarter. BlackRock Inc. now owns 7,267,660 shares of the biotechnology company’s stock worth $456,845,000 after purchasing an additional 7,154,776 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Seattle Genetics during the first quarter worth $29,521,000. Janus Capital Management LLC grew its stake in shares of Seattle Genetics by 321.2% during the first quarter. Janus Capital Management LLC now owns 527,400 shares of the biotechnology company’s stock worth $33,153,000 after purchasing an additional 402,200 shares in the last quarter. Marshall Wace North America L.P. grew its stake in shares of Seattle Genetics by 1,605.7% during the second quarter. Marshall Wace North America L.P. now owns 374,220 shares of the biotechnology company’s stock worth $19,460,000 after purchasing an additional 352,280 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Seattle Genetics by 10.9% during the first quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock worth $178,847,000 after purchasing an additional 279,079 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.
A number of brokerages recently commented on SGEN. ValuEngine upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Cann reiterated a “hold” rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. Cantor Fitzgerald reiterated a “hold” rating on shares of Seattle Genetics in a research note on Tuesday, August 29th. BidaskClub downgraded shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Finally, Cowen and Company reiterated a “hold” rating and set a $54.00 target price on shares of Seattle Genetics in a research note on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $62.29.
Shares of Seattle Genetics, Inc. (NASDAQ SGEN) opened at 51.88 on Wednesday. The stock has a 50 day moving average of $49.83 and a 200-day moving average of $59.70. Seattle Genetics, Inc. has a one year low of $45.31 and a one year high of $75.36. The stock’s market capitalization is $7.42 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. Seattle Genetics had a negative net margin of 47.38% and a negative return on equity of 32.87%. The business had revenue of $108.20 million during the quarter, compared to analyst estimates of $105.92 million. During the same period in the previous year, the business posted ($0.23) EPS. The company’s quarterly revenue was up 13.4% on a year-over-year basis. Equities analysts predict that Seattle Genetics, Inc. will post ($1.69) earnings per share for the current fiscal year.
In other news, EVP Darren S. Cline sold 7,569 shares of Seattle Genetics stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $52.51, for a total value of $397,448.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Jonathan G. Drachman sold 10,000 shares of Seattle Genetics stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total transaction of $640,100.00. Following the completion of the transaction, the chief marketing officer now directly owns 125,204 shares of the company’s stock, valued at $8,014,308.04. The disclosure for this sale can be found here. Insiders sold a total of 141,858 shares of company stock valued at $7,222,550 over the last ninety days. Company insiders own 34.70% of the company’s stock.
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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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