TD Asset Management Inc. lowered its holdings in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 12.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,753 shares of the biotechnology company’s stock after selling 4,718 shares during the period. TD Asset Management Inc.’s holdings in Seattle Genetics were worth $1,728,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings 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 valued at $250,000 after purchasing an additional 299 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Seattle Genetics by 6.8% in the second quarter. Prudential Financial Inc. now owns 6,291 shares of the biotechnology company’s stock valued at $325,000 after purchasing an additional 400 shares in the last quarter. Tredje AP fonden increased its position in shares of Seattle Genetics by 3.7% during the second quarter. Tredje AP fonden now owns 15,470 shares of the biotechnology company’s stock valued at $800,000 after acquiring an additional 550 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Seattle Genetics by 1.1% during the second quarter. Alliancebernstein L.P. now owns 57,241 shares of the biotechnology company’s stock valued at $2,962,000 after acquiring an additional 603 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Seattle Genetics by 0.5% during the second quarter. State Board of Administration of Florida Retirement System now owns 168,023 shares of the biotechnology company’s stock valued at $8,694,000 after acquiring an additional 777 shares during the last quarter. 98.89% of the stock is owned by institutional investors and hedge funds.
SGEN has been the subject of a number of research analyst reports. Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a research report on Friday, September 8th. Oppenheimer reissued a “hold” rating on shares of Seattle Genetics in a research report on Friday, September 8th. Jefferies Group reissued a “buy” rating and issued a $53.00 target price on shares of Seattle Genetics in a research report on Thursday, September 14th. Royal Bank of Canada initiated coverage on Seattle Genetics in a research report on Thursday, September 14th. They issued an “outperform” rating and a $58.00 price target for the company. Finally, Cantor Fitzgerald set a $46.00 price target on Seattle Genetics and gave the company a “hold” rating in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Seattle Genetics has an average rating of “Hold” and a consensus target price of $63.76.
Seattle Genetics, Inc. (NASDAQ SGEN) traded up $2.63 during mid-day trading on Tuesday, hitting $56.13. The company’s stock had a trading volume of 947,100 shares, compared to its average volume of 699,450. Seattle Genetics, Inc. has a 1 year low of $45.31 and a 1 year high of $71.32. The stock has a market cap of $8,080.00, a P/E ratio of -64.52 and a beta of 2.37.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. The firm had revenue of $135.29 million for the quarter, compared to analysts’ expectations of $112.76 million. During the same period in the previous year, the firm posted ($0.23) EPS. The business’s revenue for the quarter was up 27.3% compared to the same quarter last year. research analysts predict that Seattle Genetics, Inc. will post -0.93 earnings per share for the current year.
In related news, insider Clay B. Siegall sold 18,832 shares of the company’s stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Eric Dobmeier sold 3,729 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $58.75, for a total value of $219,078.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 157,210 shares of company stock worth $9,273,250. 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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