Metropolitan Life Insurance Co NY lifted its stake in Seattle Genetics, Inc. (NASDAQ:SGEN) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,465 shares of the biotechnology company’s stock after buying an additional 474 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Seattle Genetics were worth $723,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Point72 Asset Management L.P. lifted its position in Seattle Genetics by 1,726.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 664,000 shares of the biotechnology company’s stock worth $45,955,000 after acquiring an additional 627,640 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Seattle Genetics by 3,853.6% during the second quarter. Nuveen Asset Management LLC now owns 546,315 shares of the biotechnology company’s stock valued at $37,811,000 after purchasing an additional 532,497 shares during the period. Invesco Ltd. lifted its position in shares of Seattle Genetics by 208.4% during the second quarter. Invesco Ltd. now owns 349,613 shares of the biotechnology company’s stock worth $24,197,000 after purchasing an additional 236,258 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Seattle Genetics by 275.8% during the second quarter. DekaBank Deutsche Girozentrale now owns 216,959 shares of the biotechnology company’s stock worth $14,635,000 after purchasing an additional 159,234 shares in the last quarter. Finally, Waddell & Reed Financial Inc. boosted its stake in shares of Seattle Genetics by 17.8% in the second quarter. Waddell & Reed Financial Inc. now owns 1,005,909 shares of the biotechnology company’s stock valued at $69,619,000 after purchasing an additional 151,877 shares during the period. Institutional investors and hedge funds own 96.59% of the company’s stock.
In other news, insider Roger D. Dansey sold 3,000 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $73.80, for a total value of $221,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Todd E. Simpson sold 15,000 shares of Seattle Genetics stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $85.00, for a total value of $1,275,000.00. The disclosure for this sale can be found here. Insiders have sold 199,876 shares of company stock worth $18,664,010 in the last 90 days. 33.80% of the stock is currently owned by insiders.
SGEN has been the subject of a number of recent analyst reports. ValuEngine lowered shares of Seattle Genetics from a “buy” rating to a “hold” rating in a report on Tuesday, December 3rd. Bank of America began coverage on shares of Seattle Genetics in a report on Tuesday, December 3rd. They issued a “neutral” rating and a $125.00 price objective on the stock. Guggenheim upped their price objective on shares of Seattle Genetics from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price objective on shares of Seattle Genetics from $92.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC set a $121.00 target price on Seattle Genetics and gave the stock a “buy” rating in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $106.53.
SGEN opened at $114.13 on Tuesday. The company has a 50-day moving average of $111.54 and a 200-day moving average of $83.05. The company has a market capitalization of $20.14 billion, a P/E ratio of -69.17 and a beta of 2.03. Seattle Genetics, Inc. has a 1-year low of $51.50 and a 1-year high of $122.36.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.19). The company had revenue of $213.26 million for the quarter, compared to the consensus estimate of $211.85 million. Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.42) EPS. As a group, sell-side analysts expect that Seattle Genetics, Inc. will post -1.59 earnings per share for the current year.
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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