Paloma Partners Management Co raised its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 59.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,139 shares of the biotechnology company’s stock after buying an additional 7,852 shares during the period. Paloma Partners Management Co’s holdings in Seattle Genetics were worth $1,329,000 as of its most recent filing with the SEC.
Several other large investors have also bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Seattle Genetics during the first quarter valued at 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. Capital Fund Management S.A. bought a new position in Seattle Genetics during the first quarter worth $208,000. Finally, Miles Capital Inc. bought a new position in Seattle Genetics during the first quarter worth $226,000. Institutional investors own 98.04% of the company’s stock.
Seattle Genetics, Inc. (NASDAQ SGEN) traded down 3.38% on Friday, hitting $51.18. 1,496,857 shares of the stock traded hands. The firm has a 50-day moving average price of $56.38 and a 200-day moving average price of $61.90. The company’s market capitalization is $7.31 billion. Seattle Genetics, Inc. has a 12 month low of $42.58 and a 12 month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.03. The business had revenue of $108.20 million during the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative return on equity of 32.10% and a negative net margin of 47.38%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.23) earnings per share. Analysts forecast that Seattle Genetics, Inc. will post ($1.65) earnings per share for the current year.
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Several research firms recently commented on SGEN. Leerink Swann raised their price objective on shares of Seattle Genetics from $70.00 to $74.00 and gave the stock an “outperform” rating in a report on Friday, April 7th. Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a report on Thursday, April 27th. HC Wainwright raised their price target on shares of Seattle Genetics from $65.00 to $75.00 and gave the company a “buy” rating in a report on Friday, April 28th. Zacks Investment Research upgraded shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 2nd. Finally, TheStreet cut shares of Seattle Genetics from a “c-” rating to a “d” rating in a research report on Tuesday, May 9th. 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 issued a strong buy rating to the company. Seattle Genetics currently has a consensus rating of “Hold” and an average target price of $62.07.
In related news, insider Clay B. Siegall sold 10,423 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Jonathan G. Drachman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $64.01, for a total value of $640,100.00. Following the completion of the sale, the chief marketing officer now directly owns 125,204 shares in the company, valued at $8,014,308.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,846 shares of company stock worth $1,861,571. Corporate insiders own 33.30% 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 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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