California Public Employees Retirement System cut its stake in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 1.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 224,900 shares of the biotechnology company’s stock after selling 4,000 shares during the period. California Public Employees Retirement System’s holdings in Seattle Genetics were worth $14,137,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. TIAA CREF Investment Management LLC raised its position in shares of Seattle Genetics by 7.5% in the first quarter. TIAA CREF Investment Management LLC now owns 467,489 shares of the biotechnology company’s stock valued at $29,386,000 after buying an additional 32,522 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Seattle Genetics by 24.0% in the first quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock valued at $22,438,000 after buying an additional 69,140 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Seattle Genetics by 55.5% in the first quarter. Wellington Management Group LLP now owns 82,463 shares of the biotechnology company’s stock valued at $5,184,000 after buying an additional 29,420 shares in the last quarter. TLP Group LLC acquired a new position in shares of Seattle Genetics during the first quarter valued at $373,000. Finally, Van ECK Associates Corp raised its position in shares of Seattle Genetics by 9.7% in the first quarter. Van ECK Associates Corp now owns 151,345 shares of the biotechnology company’s stock valued at $9,514,000 after buying an additional 13,378 shares in the last quarter. Hedge funds and other institutional investors own 98.04% of the company’s stock.

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

Seattle Genetics, Inc. (SGEN) traded up 1.63% during midday trading on Tuesday, hitting $62.89. The stock had a trading volume of 320,006 shares. Seattle Genetics, Inc. has a 12-month low of $35.93 and a 12-month high of $75.36. The stock has a 50-day moving average price of $64.17 and a 200 day moving average price of $63.14. The firm’s market cap is $8.98 billion.

Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.41) by $0.01. Seattle Genetics had a negative net margin of 43.17% and a negative return on equity of 27.98%. The company had revenue of $109.10 million for the quarter, compared to analyst estimates of $103.23 million. During the same quarter in the previous year, the business posted ($0.15) earnings per share. Seattle Genetics’s revenue was down 1.9% on a year-over-year basis. On average, equities analysts anticipate that Seattle Genetics, Inc. will post ($1.67) earnings per share for the current fiscal year.

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Several brokerages recently weighed in on SGEN. J P Morgan Chase & Co restated a “neutral” rating and issued a $55.00 price target (down previously from $58.00) on shares of Seattle Genetics in a research note on Tuesday. Leerink Swann lifted their price target on Seattle Genetics to $66.00 and gave the company an “outperform” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Seattle Genetics in a research note on Tuesday. Cantor Fitzgerald set a $43.00 price target on Seattle Genetics and gave the company a “hold” rating in a research note on Monday. Finally, Cowen and Company restated a “hold” rating and issued a $54.00 price target (down previously from $61.00) on shares of Seattle Genetics in a research note on Monday. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Seattle Genetics presently has a consensus rating of “Hold” and an average price target of $60.00.

In other news, insider Vaughn B. Himes sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 31st. The shares were sold at an average price of $62.75, for a total transaction of $627,500.00. Following the completion of the transaction, the insider now directly owns 161,283 shares of the company’s stock, valued at approximately $10,120,508.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,888 shares of company stock valued at $2,218,334. Insiders own 33.30% of the company’s stock.

About Seattle Genetics

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).

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