Seattle Genetics, Inc. (SGEN) Position Reduced by ProShare Advisors LLC
ProShare Advisors LLC trimmed its holdings in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,284 shares of the biotechnology company’s stock after selling 2,830 shares during the quarter. ProShare Advisors LLC owned about 0.05% of Seattle Genetics worth $3,895,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also bought and sold shares of the company. First Manhattan Co. grew its position in Seattle Genetics by 31.3% during 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. Miles Capital Inc. purchased a new position in Seattle Genetics during the first quarter worth about $226,000. Princeton Portfolio Strategies Group LLC purchased a new position in Seattle Genetics during the first quarter worth about $233,000. Oppenheimer Asset Management Inc. purchased a new position in Seattle Genetics during the first quarter worth about $240,000. Finally, Meeder Asset Management Inc. grew its position in Seattle Genetics by 1,580.9% during the second quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock worth $205,000 after buying an additional 3,715 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.
In other Seattle Genetics news, CEO Clay B. Siegall sold 10,423 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $51.98, for a total value of $541,787.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Darren S. Cline sold 1,788 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $85,627.32. The disclosure for this sale can be found here. In the last three months, insiders sold 175,352 shares of company stock valued at $8,884,096. 34.70% of the stock is owned by insiders.
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Several equities analysts recently commented on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Seattle Genetics in a research report on Saturday, June 3rd. Cantor Fitzgerald set a $46.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research report on Wednesday, August 16th. Jefferies Group LLC restated a “buy” rating and set a $53.00 target price on shares of Seattle Genetics in a research report on Thursday, September 14th. Cowen and Company set a $61.00 target price on Seattle Genetics and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub cut Seattle Genetics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $61.77.
Shares of Seattle Genetics, Inc. (NASDAQ SGEN) opened at 52.48 on Friday. The stock has a 50 day moving average price of $49.71 and a 200-day moving average price of $58.82. The company’s market cap is $7.51 billion. Seattle Genetics, Inc. has a 1-year low of $45.31 and a 1-year high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last announced 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 business 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 firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share. Equities research analysts forecast that Seattle Genetics, Inc. will post ($1.68) earnings per share for the current year.
Seattle Genetics 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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