D.B. Root & Company LLC Has $516,000 Position in Seattle Genetics, Inc. (SGEN)

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D.B. Root & Company LLC reduced its stake in Seattle Genetics, Inc. (NASDAQ:SGEN) by 16.2% in the 3rd quarter, Holdings Channel reports. The firm owned 6,685 shares of the biotechnology company’s stock after selling 1,295 shares during the period. D.B. Root & Company LLC’s holdings in Seattle Genetics were worth $516,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Baker BROS. Advisors LP increased its position 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 worth $3,388,948,000 after buying an additional 1,470,651 shares during the period. Paloma Partners Management Co increased its position in Seattle Genetics by 69.0% in the 2nd quarter. Paloma Partners Management Co now owns 26,018 shares of the biotechnology company’s stock worth $1,728,000 after buying an additional 10,619 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Seattle Genetics by 251.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 8,610 shares of the biotechnology company’s stock worth $664,000 after buying an additional 6,160 shares during the period. Eagle Asset Management Inc. bought a new position in Seattle Genetics in the 2nd quarter worth approximately $37,747,000. Finally, CIBC Asset Management Inc increased its position in Seattle Genetics by 249.3% in the 2nd quarter. CIBC Asset Management Inc now owns 16,897 shares of the biotechnology company’s stock worth $1,122,000 after buying an additional 12,060 shares during the period.

Several research analysts have commented on the company. Needham & Company LLC lifted their price target on Seattle Genetics from $74.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 30th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $75.00 price target on shares of Seattle Genetics in a research report on Friday, July 27th. HC Wainwright reaffirmed a “buy” rating and issued a $98.00 price target (up from $77.00) on shares of Seattle Genetics in a research report on Friday, July 27th. BidaskClub downgraded Seattle Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Finally, TheStreet downgraded Seattle Genetics from a “c” rating to a “d+” rating in a research report on Thursday, October 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $77.77.

SGEN opened at $58.06 on Wednesday. The company has a market cap of $9.04 billion, a PE ratio of -65.98 and a beta of 2.18. Seattle Genetics, Inc. has a 1 year low of $47.75 and a 1 year high of $84.37.

Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings data on Thursday, October 25th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.15). The firm had revenue of $169.42 million for the quarter, compared to the consensus estimate of $164.75 million. Seattle Genetics had a negative net margin of 26.58% and a negative return on equity of 19.13%. On average, analysts predict that Seattle Genetics, Inc. will post -1.45 EPS for the current year.

In other news, CEO Clay B. Siegall sold 25,514 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $74.23, for a total transaction of $1,893,904.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vaughn B. Himes sold 5,530 shares of the business’s 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 $410,491.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,382 shares of company stock worth $9,797,687. 33.80% of the stock is currently owned by company insiders.

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Seattle Genetics Company 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.

Further Reading: Understanding each part of a balance sheet

Want to see what other hedge funds are holding SGEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seattle Genetics, Inc. (NASDAQ:SGEN).

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

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