Wasatch Advisors Inc. Trims Stake in Seattle Genetics, Inc. (SGEN)

Wasatch Advisors Inc. trimmed its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 4.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,016,090 shares of the biotechnology company’s stock after selling 46,098 shares during the quarter. Wasatch Advisors Inc. owned about 0.71% of Seattle Genetics worth $55,285,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Manning & Napier Advisors LLC bought a new stake in Seattle Genetics during the third quarter worth approximately $140,098,000. Janus Henderson Group PLC increased its stake in Seattle Genetics by 8,672.2% during the second quarter. Janus Henderson Group PLC now owns 704,673 shares of the biotechnology company’s stock worth $36,460,000 after acquiring an additional 696,640 shares during the last quarter. Capital International Investors increased its stake in Seattle Genetics by 34.3% during the second quarter. Capital International Investors now owns 2,724,589 shares of the biotechnology company’s stock worth $140,970,000 after acquiring an additional 695,986 shares during the last quarter. Pictet Asset Management Ltd. increased its stake in Seattle Genetics by 79.3% during the third quarter. Pictet Asset Management Ltd. now owns 1,266,426 shares of the biotechnology company’s stock worth $68,906,000 after acquiring an additional 560,110 shares during the last quarter. Finally, Marshall Wace North America L.P. increased its stake in Seattle Genetics by 1,605.7% during the second quarter. Marshall Wace North America L.P. now owns 374,220 shares of the biotechnology company’s stock worth $19,460,000 after acquiring an additional 352,280 shares during the last quarter. 96.93% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Seattle Genetics, Inc. (SGEN) remained flat at $$59.05 during midday trading on Wednesday. 106,557 shares of the company traded hands, compared to its average volume of 971,504. Seattle Genetics, Inc. has a 12-month low of $45.31 and a 12-month high of $72.75.

Seattle Genetics (NASDAQ:SGEN) last posted its earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.23. The company had revenue of $135.29 million during the quarter, compared to analyst estimates of $112.76 million. Seattle Genetics had a negative return on equity of 32.41% and a negative net margin of 26.53%. Seattle Genetics’s revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) earnings per share. analysts expect that Seattle Genetics, Inc. will post -0.93 earnings per share for the current fiscal year.

In other Seattle Genetics news, insider Vaughn B. Himes sold 6,377 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $305,394.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric Dobmeier sold 9,600 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $57.80, for a total value of $554,880.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,165 shares of company stock valued at $14,403,647. 34.70% of the stock is owned by company insiders.

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SGEN has been the topic of several analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $53.00 price objective on shares of Seattle Genetics in a research note on Thursday, July 27th. Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Tuesday, October 10th. Guggenheim reissued a “buy” rating and set a $72.00 price objective on shares of Seattle Genetics in a research note on Monday, October 23rd. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Seattle Genetics in a research note on Friday, October 27th. Finally, TheStreet raised Seattle Genetics from a “d” rating to a “c” rating in a research note on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $63.53.

Seattle Genetics Company 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).

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

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