Seattle Genetics, Inc. (SGEN) Shares Down 3% After Insider Selling
Seattle Genetics, Inc. (NASDAQ:SGEN)’s share price dropped 3% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $54.25 and last traded at $54.30, with a volume of 310,502 shares trading hands. The stock had previously closed at $55.99.
Specifically, Director Felix Baker acquired 447,311 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The stock was acquired at an average price of $50.71 per share, for a total transaction of $22,683,140.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Clay B. Siegall sold 14,465 shares of the firm’s stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $54.41, for a total transaction of $787,040.65. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.
A number of brokerages have weighed in on SGEN. Morgan Stanley began coverage on shares of Seattle Genetics in a research report on Wednesday, September 7th. They set an “overweight” rating and a $60.00 target price for the company. Leerink Swann reiterated a “buy” rating and set a $62.00 target price on shares of Seattle Genetics in a research report on Friday, September 16th. Goldman Sachs Group Inc. lowered shares of Seattle Genetics from a “neutral” rating to a “sell” rating in a research report on Friday, September 16th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price (up previously from $60.00) on shares of Seattle Genetics in a research report on Wednesday, June 29th. Finally, RBC Capital Markets reiterated an “outperform” rating and set a $62.00 target price (up previously from $55.00) on shares of Seattle Genetics in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Seattle Genetics currently has a consensus rating of “Hold” and an average price target of $51.53.
The company has a 50-day moving average of $51.63 and a 200-day moving average of $43.12. The firm’s market cap is $7.60 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.09. Seattle Genetics had a negative return on equity of 15.29% and a negative net margin of 27.21%. The business earned $95.40 million during the quarter, compared to the consensus estimate of $94.56 million. During the same period in the prior year, the company posted ($0.38) EPS. The firm’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, analysts predict that Seattle Genetics, Inc. will post ($1.00) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of SGEN. Primecap Management Co. CA increased its position in Seattle Genetics by 5.5% in the first quarter. Primecap Management Co. CA now owns 13,589,187 shares of the company’s stock valued at $476,845,000 after buying an additional 707,012 shares during the last quarter. Redmile Group LLC increased its position in Seattle Genetics by 42.4% in the second quarter. Redmile Group LLC now owns 1,381,477 shares of the company’s stock valued at $55,825,000 after buying an additional 411,356 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Seattle Genetics during the second quarter valued at $16,220,000. State Street Corp increased its position in Seattle Genetics by 18.3% in the first quarter. State Street Corp now owns 2,319,710 shares of the company’s stock valued at $81,406,000 after buying an additional 358,297 shares during the last quarter. Finally, Blue Jay Capital Management LLC acquired a new position in Seattle Genetics during the second quarter valued at $13,272,000. Institutional investors and hedge funds own 97.93% of the company’s stock.
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’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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