Seattle Genetics, Inc. (NASDAQ:SGEN) Shares Down 5.2% After Insider Selling
Seattle Genetics, Inc. (NASDAQ:SGEN) fell 5.2% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $46.10 and last traded at $46.20, with a volume of 1,092,626 shares. The stock had previously closed at $48.72.
Specifically, 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 approximately $8,014,308.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of Seattle Genetics stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $65.21, for a total value of $679,683.83. The disclosure for this sale can be found here. Insiders have sold a total of 57,259 shares of company stock worth $3,211,411 in the last three months. 33.30% of the stock is owned by corporate insiders.
Several brokerages recently issued reports on SGEN. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Seattle Genetics in a research note on Saturday, June 3rd. BidaskClub downgraded Seattle Genetics from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Cowen and Company set a $61.00 price objective on Seattle Genetics and gave the stock a “hold” rating in a research note on Tuesday, June 6th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $55.00 price objective (down previously from $58.00) on shares of Seattle Genetics in a research note on Tuesday, June 20th. Finally, Cann reaffirmed a “hold” rating on shares of Seattle Genetics in a research note on Monday, June 19th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Seattle Genetics presently has a consensus rating of “Hold” and a consensus target price of $62.07.
The firm has a 50 day moving average of $53.13 and a 200 day moving average of $61.37. The stock’s market capitalization is $6.61 billion.
Seattle Genetics (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.03. The company had revenue of $108.20 million during the quarter, compared to the consensus estimate of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. Seattle Genetics’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.23) EPS. On average, equities analysts predict that Seattle Genetics, Inc. will post ($1.70) earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. UBS Asset Management Americas Inc. increased its stake in shares of Seattle Genetics by 124.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 188,705 shares of the biotechnology company’s stock worth $9,959,000 after buying an additional 104,557 shares during the period. World Asset Management Inc acquired a new stake in shares of Seattle Genetics during the first quarter worth about $273,000. Teachers Advisors LLC increased its stake 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 worth $22,438,000 after buying an additional 69,140 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Seattle Genetics by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 31,050 shares of the biotechnology company’s stock worth $1,951,000 after buying an additional 250 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Seattle Genetics by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 429,927 shares of the biotechnology company’s stock worth $27,024,000 after buying an additional 15,903 shares during the period. 97.91% of the stock is owned by institutional investors.
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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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