Paloma Partners Management Co boosted its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 69.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,018 shares of the biotechnology company’s stock after purchasing an additional 10,619 shares during the period. Paloma Partners Management Co’s holdings in Seattle Genetics were worth $1,728,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Baker BROS. Advisors LP lifted its stake in Seattle Genetics by 3.0% in the 2nd quarter. Baker BROS. Advisors LP now owns 51,046,060 shares of the biotechnology company’s stock valued at $3,388,948,000 after purchasing an additional 1,470,651 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Seattle Genetics in the 2nd quarter valued at about $83,840,000. BlackRock Inc. lifted its stake in Seattle Genetics by 9.5% in the 1st quarter. BlackRock Inc. now owns 8,492,963 shares of the biotechnology company’s stock valued at $444,521,000 after purchasing an additional 736,469 shares during the last quarter. Eagle Asset Management Inc. acquired a new stake in Seattle Genetics in the 2nd quarter valued at about $37,747,000. Finally, Carillon Tower Advisers Inc. acquired a new stake in Seattle Genetics in the 2nd quarter valued at about $26,267,000.
SGEN has been the subject of several recent analyst reports. Piper Jaffray Companies reiterated a “neutral” rating on shares of Seattle Genetics in a research note on Friday, September 7th. Guggenheim assumed coverage on shares of Seattle Genetics in a research report on Monday, September 17th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of Seattle Genetics from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Thursday, August 23rd. Leerink Swann assumed coverage on shares of Seattle Genetics in a research report on Monday, September 24th. They set an “outperform” rating and a $101.00 price objective for the company. Finally, TheStreet upgraded shares of Seattle Genetics from a “d+” rating to a “c-” rating in a research report on Thursday, June 28th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Seattle Genetics presently has a consensus rating of “Buy” and an average price target of $77.57.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, July 26th. The biotechnology company reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.34) by $0.81. The company had revenue of $170.20 million for the quarter, compared to analysts’ expectations of $141.07 million. Seattle Genetics had a negative net margin of 7.75% and a negative return on equity of 21.01%. The business’s revenue for the quarter was up 57.3% on a year-over-year basis. During the same period last year, the firm earned ($0.39) earnings per share. On average, research analysts predict that Seattle Genetics, Inc. will post -1.36 EPS for the current fiscal year.
In related news, CEO Clay B. Siegall sold 25,514 shares of Seattle Genetics stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $74.23, for a total value of $1,893,904.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Vaughn B. Himes sold 5,000 shares of Seattle Genetics stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $76.99, for a total transaction of $384,950.00. The disclosure for this sale can be found here. Insiders sold 117,634 shares of company stock worth $8,750,883 over the last three months. 33.80% of the stock is currently owned by insiders.
Seattle Genetics Profile
Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.
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