BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stake in Seattle Genetics, Inc. (SGEN)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 23.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,557 shares of the biotechnology company’s stock after selling 15,074 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Seattle Genetics were worth $2,512,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in SGEN. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Seattle Genetics during the first quarter worth approximately $119,000. Tradewinds Capital Management LLC increased its position in Seattle Genetics by 2.3% in the first quarter. Tradewinds Capital Management LLC now owns 2,344 shares of the biotechnology company’s stock worth $147,000 after buying an additional 52 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Seattle Genetics by 562.5% in the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock worth $167,000 after buying an additional 2,250 shares in the last quarter. First Manhattan Co. increased its position in Seattle Genetics by 31.3% in the second quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after buying an additional 750 shares in the last quarter. Finally, Capital Fund Management S.A. acquired a new position in Seattle Genetics during the first quarter worth approximately $208,000. 98.21% of the stock is owned by hedge funds and other institutional investors.
Shares of Seattle Genetics, Inc. (NASDAQ SGEN) opened at 47.20 on Friday. The company’s market capitalization is $6.75 billion. The company’s 50 day moving average is $50.25 and its 200-day moving average is $60.29. Seattle Genetics, Inc. has a 52 week low of $44.04 and a 52 week high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.03. The business had revenue of $108.20 million for the quarter, compared to analyst estimates of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. Seattle Genetics’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) EPS. On average, analysts expect that Seattle Genetics, Inc. will post ($1.70) EPS for the current fiscal year.
A number of equities analysts have commented on the stock. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Seattle Genetics in a report on Saturday, June 3rd. Cantor Fitzgerald set a $46.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Wednesday, August 16th. Cowen and Company set a $61.00 price objective on shares of Seattle Genetics and gave the stock a “hold” rating in a report on Tuesday, June 6th. BidaskClub downgraded shares of Seattle Genetics from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Finally, J P Morgan Chase & Co reaffirmed a “hold” rating and issued a $58.00 price objective on shares of Seattle Genetics in a report on Tuesday, June 13th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics has a consensus rating of “Hold” and a consensus price target of $62.29.
In related news, insider Clay B. Siegall sold 10,423 shares of the business’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Darren S. Cline sold 6,000 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $49.19, for a total value of $295,140.00. The disclosure for this sale can be found here. Insiders have sold a total of 67,259 shares of company stock worth $3,686,811 in the last 90 days. 34.70% of the stock is currently owned by corporate 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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