Seattle Genetics, Inc. (NASDAQ:SGEN) Shares Sold by Rhenman & Partners Asset Management AB

Rhenman & Partners Asset Management AB reduced its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 10.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 135,374 shares of the biotechnology company’s stock after selling 15,224 shares during the period. Rhenman & Partners Asset Management AB owned 0.08% of Seattle Genetics worth $9,369,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Primecap Management Co. CA increased its position in Seattle Genetics by 0.7% during the first quarter. Primecap Management Co. CA now owns 14,231,300 shares of the biotechnology company’s stock worth $1,042,300,000 after purchasing an additional 96,100 shares during the last quarter. BlackRock Inc. increased its position in Seattle Genetics by 1.1% during the first quarter. BlackRock Inc. now owns 9,203,833 shares of the biotechnology company’s stock worth $674,089,000 after purchasing an additional 98,852 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Seattle Genetics by 7.8% during the first quarter. Frontier Capital Management Co. LLC now owns 1,258,153 shares of the biotechnology company’s stock worth $92,147,000 after purchasing an additional 91,185 shares during the last quarter. Geode Capital Management LLC increased its position in Seattle Genetics by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 1,116,057 shares of the biotechnology company’s stock worth $63,196,000 after purchasing an additional 69,251 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased its position in Seattle Genetics by 0.7% during the first quarter. Pictet Asset Management Ltd. now owns 847,492 shares of the biotechnology company’s stock worth $62,070,000 after purchasing an additional 6,081 shares during the last quarter. Hedge funds and other institutional investors own 99.77% of the company’s stock.

In other news, insider Vaughn B. Himes sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $65.94, for a total value of $527,520.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Clay B. Siegall sold 20,148 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $68.06, for a total transaction of $1,371,272.88. The disclosure for this sale can be found here. In the last three months, insiders sold 83,684 shares of company stock valued at $5,709,532. Insiders own 33.80% of the company’s stock.

Shares of NASDAQ SGEN traded down $0.43 during midday trading on Friday, hitting $74.93. The company’s stock had a trading volume of 12,642 shares, compared to its average volume of 1,623,545. The company’s fifty day moving average price is $70.71. Seattle Genetics, Inc. has a 1 year low of $50.71 and a 1 year high of $84.37. The stock has a market capitalization of $12.19 billion, a price-to-earnings ratio of -45.49 and a beta of 2.05.

Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Tuesday, July 16th. The biotechnology company reported ($0.49) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.10). Seattle Genetics had a negative net margin of 36.94% and a negative return on equity of 17.16%. The business had revenue of $218.45 million during the quarter, compared to analysts’ expectations of $189.76 million. During the same period in the previous year, the business posted $0.47 EPS. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. Sell-side analysts predict that Seattle Genetics, Inc. will post -1.31 earnings per share for the current fiscal year.

Several equities research analysts recently issued reports on the stock. Deutsche Bank assumed coverage on shares of Seattle Genetics in a research report on Thursday, July 18th. They set a “hold” rating and a $79.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Seattle Genetics in a research report on Wednesday, April 10th. They set a “hold” rating and a $70.00 price objective for the company. William Blair restated a “buy” rating on shares of Seattle Genetics in a research report on Friday, July 19th. HC Wainwright restated a “buy” rating on shares of Seattle Genetics in a research report on Friday, April 26th. Finally, Royal Bank of Canada raised their price objective on shares of Seattle Genetics from $89.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $84.36.

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

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