Seattle Genetics Inc. (NASDAQ:SGEN) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 12,076,914 shares, a drop of 9.0% from the September 15th total of 13,269,168 shares. Based on an average trading volume of 800,378 shares, the short-interest ratio is currently 15.1 days. Approximately 8.7% of the shares of the stock are short sold.
Shares of Seattle Genetics (NASDAQ:SGEN) opened at 50.31 on Friday. Seattle Genetics has a 52-week low of $26.02 and a 52-week high of $57.83. The stock’s 50 day moving average is $52.16 and its 200 day moving average is $43.37. The stock’s market cap is $7.07 billion.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Tuesday, July 26th. The company reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.09. The company had revenue of $95.40 million for the quarter, compared to the consensus estimate of $94.56 million. Seattle Genetics had a negative net margin of 27.21% and a negative return on equity of 15.29%. Seattle Genetics’s revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.38) earnings per share. On average, equities analysts expect that Seattle Genetics will post ($1.00) earnings per share for the current fiscal year.
In related news, CMO Jonathan G. Drachman sold 2,249 shares of Seattle Genetics stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $56.75, for a total value of $127,630.75. Following the sale, the chief marketing officer now directly owns 115,504 shares in the company, valued at approximately $6,554,852. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Clay B. Siegall sold 14,465 shares of Seattle Genetics stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $54.41, for a total value of $787,040.65. The disclosure for this sale can be found here. Insiders own 33.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services Inc increased its position in Seattle Genetics by 0.4% in the second quarter. Commonwealth Equity Services Inc now owns 5,942 shares of the company’s stock worth $240,000 after buying an additional 25 shares in the last quarter. Fairfield Bush & CO. increased its position in Seattle Genetics by 0.7% in the second quarter. Fairfield Bush & CO. now owns 21,822 shares of the company’s stock worth $882,000 after buying an additional 150 shares in the last quarter. Brown Advisory Inc. increased its position in Seattle Genetics by 0.5% in the second quarter. Brown Advisory Inc. now owns 34,276 shares of the company’s stock worth $1,385,000 after buying an additional 156 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Seattle Genetics by 0.7% in the second quarter. PNC Financial Services Group Inc. now owns 41,287 shares of the company’s stock worth $1,669,000 after buying an additional 292 shares in the last quarter. Finally, Grandfield & Dodd LLC increased its position in Seattle Genetics by 5.4% in the second quarter. Grandfield & Dodd LLC now owns 8,001 shares of the company’s stock worth $323,000 after buying an additional 413 shares in the last quarter. 97.93% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on the company. Barclays PLC lifted their price objective on Seattle Genetics from $48.00 to $53.00 and gave the stock an “overweight” rating in a report on Wednesday, July 27th. Cantor Fitzgerald cut Seattle Genetics from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a report on Wednesday, July 27th. Leerink Swann lifted their price objective on Seattle Genetics from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Monday, August 1st. RBC Capital Markets reiterated an “outperform” rating on shares of Seattle Genetics in a report on Wednesday, July 27th. Finally, SunTrust Banks Inc. lifted their price objective on Seattle Genetics from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $51.53.
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’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).
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