Seattle Genetics, Inc. (NASDAQ:SGEN) Shares Bought by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. increased its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 27.7% during the first quarter, Holdings Channel reports. The firm owned 4,171 shares of the biotechnology company’s stock after buying an additional 906 shares during the period. PNC Financial Services Group Inc.’s holdings in Seattle Genetics were worth $262,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Westfield Capital Management Co. LP bought a new position in Seattle Genetics during the first quarter worth about $7,057,000. TIAA CREF Investment Management LLC raised its position in 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 worth $29,386,000 after buying an additional 32,522 shares during the period. Teachers Advisors LLC raised its position in Seattle Genetics by 24.0% in the first quarter. Teachers Advisors LLC now owns 356,948 shares of the biotechnology company’s stock worth $22,438,000 after buying an additional 69,140 shares during the period. Wellington Management Group LLP raised its position in Seattle Genetics by 55.5% in the first quarter. Wellington Management Group LLP now owns 82,463 shares of the biotechnology company’s stock worth $5,184,000 after buying an additional 29,420 shares during the period. Finally, TLP Group LLC bought a new position in Seattle Genetics during the first quarter worth about $373,000. Hedge funds and other institutional investors own 98.04% of the company’s stock.
Shares of Seattle Genetics, Inc. (NASDAQ SGEN) opened at 53.73 on Tuesday. The stock’s market capitalization is $7.67 billion. Seattle Genetics, Inc. has a 12-month low of $41.34 and a 12-month high of $75.36. The stock has a 50 day moving average price of $63.06 and a 200 day moving average price of $62.73.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.41) by $0.01. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The company had revenue of $109.10 million for the quarter, compared to the consensus estimate of $103.23 million. During the same period in the previous year, the business posted ($0.15) EPS. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, equities analysts anticipate that Seattle Genetics, Inc. will post ($1.68) earnings per share for the current fiscal year.
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A number of research firms recently issued reports on SGEN. BidaskClub lowered Seattle Genetics from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. William Blair reiterated an “outperform” rating on shares of Seattle Genetics in a report on Monday, June 26th. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Seattle Genetics in a report on Tuesday, June 27th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $48.00 target price on shares of Seattle Genetics in a report on Tuesday, June 27th. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $43.00 target price on shares of Seattle Genetics in a report on Monday, June 26th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.00.
In other news, CMO Jonathan G. Drachman sold 10,000 shares of Seattle Genetics stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $64.01, for a total transaction of $640,100.00. Following the sale, the chief marketing officer now owns 125,204 shares of the company’s stock, valued at $8,014,308.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Clay B. Siegall sold 10,423 shares of Seattle Genetics stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $51.98, for a total value of $541,787.54. The disclosure for this sale can be found here. Insiders sold 30,846 shares of company stock worth $1,861,571 in the last three months. 33.30% of the stock is currently owned by corporate insiders.
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).
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