First Trust Advisors LP increased its stake in Seattle Genetics, Inc. (NASDAQ:SGEN) by 32.8% during the second quarter, Holdings Channel reports. The firm owned 937,383 shares of the biotechnology company’s stock after buying an additional 231,462 shares during the period. First Trust Advisors LP’s holdings in Seattle Genetics were worth $48,500,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in SGEN. Schwab Charles Investment Management Inc. increased its stake in Seattle Genetics by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 296,212 shares of the biotechnology company’s stock valued at $15,327,000 after buying an additional 17,130 shares during the period. Pictet Asset Management Ltd. increased its stake in Seattle Genetics by 48.4% in the second quarter. Pictet Asset Management Ltd. now owns 706,316 shares of the biotechnology company’s stock valued at $45,190,000 after buying an additional 230,492 shares during the period. Candriam Luxembourg S.C.A. increased its stake in Seattle Genetics by 59.3% in the second quarter. Candriam Luxembourg S.C.A. now owns 158,500 shares of the biotechnology company’s stock valued at $8,201,000 after buying an additional 59,000 shares during the period. First Manhattan Co. increased its stake in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock valued at $162,000 after buying an additional 750 shares during the period. Finally, Grandfield & Dodd LLC increased its stake in Seattle Genetics by 5.2% in the second quarter. Grandfield & Dodd LLC now owns 10,001 shares of the biotechnology company’s stock valued at $517,000 after buying an additional 495 shares during the period. Institutional investors own 97.91% of the company’s stock.

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

Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The firm had revenue of $108.20 million during 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 business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the business posted ($0.23) earnings per share. Equities research analysts forecast that Seattle Genetics, Inc. will post ($1.70) EPS for the current year.

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Several analysts have recently issued reports on the company. BidaskClub downgraded Seattle Genetics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Cowen and Company reiterated a “hold” rating and set a $54.00 price target on shares of Seattle Genetics in a research note on Friday, July 28th. ValuEngine downgraded Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $53.00 price target on shares of Seattle Genetics in a research note on Thursday, July 27th. Finally, William Blair reiterated an “outperform” rating on shares of Seattle Genetics in a research note on Monday, June 26th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $62.07.

In other Seattle Genetics news, EVP Darren S. Cline sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $49.19, for a total transaction of $295,140.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of the firm’s 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. Insiders have sold 57,259 shares of company stock valued at $3,211,411 over the last 90 days. Company insiders own 33.30% of the company’s stock.

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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