Wellington Management Group LLP decreased its holdings in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 21.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 8,064,014 shares of the biotechnology company’s stock after selling 2,243,324 shares during the period. Wellington Management Group LLP owned 4.66% of Seattle Genetics worth $930,428,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Synovus Financial Corp increased its position in Seattle Genetics by 206.5% during the 1st quarter. Synovus Financial Corp now owns 331 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 223 shares during the period. Altshuler Shaham Ltd purchased a new position in Seattle Genetics during the 4th quarter valued at about $39,000. Exchange Traded Concepts LLC grew its position in shares of Seattle Genetics by 387.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 458 shares of the biotechnology company’s stock worth $53,000 after buying an additional 364 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of Seattle Genetics by 66.7% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 500 shares of the biotechnology company’s stock worth $58,000 after buying an additional 200 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Seattle Genetics in the 4th quarter worth approximately $71,000. 94.33% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on SGEN. HC Wainwright lifted their price objective on shares of Seattle Genetics from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Zacks Investment Research downgraded shares of Seattle Genetics from a “buy” rating to a “hold” rating and set a $132.00 price objective on the stock. in a research report on Wednesday, April 15th. BMO Capital Markets lifted their price objective on shares of Seattle Genetics from $139.00 to $154.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. SVB Leerink lifted their price objective on shares of Seattle Genetics from $146.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, Royal Bank of Canada lifted their price objective on shares of Seattle Genetics from $148.00 to $149.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $142.47.
Shares of SGEN stock traded down $5.59 during trading hours on Thursday, hitting $151.11. The company’s stock had a trading volume of 586,845 shares, compared to its average volume of 1,255,436. The stock has a market cap of $27.13 billion, a PE ratio of -81.49 and a beta of 1.42. Seattle Genetics, Inc. has a 12-month low of $63.02 and a 12-month high of $168.10. The company has a 50 day moving average of $152.66 and a 200 day moving average of $123.71.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.98) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.81) by ($0.17). The business had revenue of $234.51 million during the quarter, compared to analyst estimates of $207.59 million. Seattle Genetics had a negative return on equity of 16.51% and a negative net margin of 32.81%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) EPS. Research analysts expect that Seattle Genetics, Inc. will post -2.8 EPS for the current year.
In other news, CEO Clay B. Siegall sold 28,472 shares of the stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $120.01, for a total value of $3,416,924.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bros. Advisors Lp Baker sold 500,000 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $158.50, for a total transaction of $79,250,000.00. The disclosure for this sale can be found here. Insiders sold 683,733 shares of company stock worth $107,657,593 in the last quarter. Company insiders own 31.10% of the company’s stock.
Seattle Genetics Company Profile
Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.
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