Stevens Capital Management LP Invests $3.43 Million in Seattle Genetics, Inc. (SGEN) Stock

Stevens Capital Management LP acquired a new stake in Seattle Genetics, Inc. (NASDAQ:SGEN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 66,301 shares of the biotechnology company’s stock, valued at approximately $3,430,000.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Seattle Genetics by 2.6% during the second quarter. BlackRock Inc. now owns 7,453,483 shares of the biotechnology company’s stock worth $385,644,000 after purchasing an additional 185,823 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Seattle Genetics by 3.9% during the first quarter. Vanguard Group Inc. now owns 7,362,687 shares of the biotechnology company’s stock worth $462,818,000 after purchasing an additional 275,044 shares in the last quarter. State Street Corp boosted its position in shares of Seattle Genetics by 10.9% during the first quarter. State Street Corp now owns 2,845,120 shares of the biotechnology company’s stock worth $178,847,000 after purchasing an additional 279,079 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Seattle Genetics by 32.8% during the second quarter. First Trust Advisors LP now owns 937,383 shares of the biotechnology company’s stock worth $48,500,000 after purchasing an additional 231,462 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Seattle Genetics by 8.3% during the first quarter. Geode Capital Management LLC now owns 795,339 shares of the biotechnology company’s stock worth $49,976,000 after purchasing an additional 60,696 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

SGEN has been the topic of a number of recent analyst reports. Cantor Fitzgerald reissued a “hold” rating and set a $43.00 price target on shares of Seattle Genetics in a research report on Monday, June 26th. ValuEngine cut shares of Seattle Genetics from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and set a $53.00 price target on shares of Seattle Genetics in a research report on Thursday, July 27th. Cann reissued a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, August 29th. Finally, William Blair reissued an “outperform” rating on shares of Seattle Genetics in a research report on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Seattle Genetics has a consensus rating of “Hold” and an average target price of $61.77.

Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) opened at 51.79 on Wednesday. The firm’s market capitalization is $7.41 billion. Seattle Genetics, Inc. has a 52 week low of $45.31 and a 52 week high of $75.36. The firm has a 50-day moving average of $49.71 and a 200 day moving average of $58.82.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The company 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 revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.23) earnings per share. On average, equities analysts predict that Seattle Genetics, Inc. will post ($1.68) earnings per share for the current fiscal year.

In other news, CMO Jonathan G. Drachman sold 10,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were 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 owns 125,204 shares in the company, valued at $8,014,308.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Clay B. Siegall sold 10,423 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $51.98, for a total transaction of $541,787.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,352 shares of company stock valued at $9,524,196. 34.70% of the stock is currently owned by corporate insiders.

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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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Institutional Ownership by Quarter for Seattle Genetics (NASDAQ:SGEN)

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