Seattle Genetics, Inc. (SGEN) Holdings Cut by Redmile Group LLC

Redmile Group LLC lowered its stake in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 37.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,156,021 shares of the biotechnology company’s stock after selling 687,712 shares during the period. Seattle Genetics makes up 2.7% of Redmile Group LLC’s portfolio, making the stock its 11th biggest position. Redmile Group LLC owned approximately 0.74% of Seattle Genetics worth $61,847,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Capital International Investors raised its position in shares of Seattle Genetics by 63.7% during the third quarter. Capital International Investors now owns 4,460,246 shares of the biotechnology company’s stock worth $242,682,000 after purchasing an additional 1,735,657 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Seattle Genetics by 92.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,469,888 shares of the biotechnology company’s stock worth $132,139,000 after purchasing an additional 1,184,491 shares during the period. Capital Guardian Trust Co. raised its position in shares of Seattle Genetics by 82.2% during the third quarter. Capital Guardian Trust Co. now owns 1,064,300 shares of the biotechnology company’s stock worth $57,909,000 after purchasing an additional 480,044 shares during the period. Millennium Management LLC raised its position in shares of Seattle Genetics by 5,032.1% during the fourth quarter. Millennium Management LLC now owns 334,921 shares of the biotechnology company’s stock worth $17,918,000 after purchasing an additional 328,395 shares during the period. Finally, Capital Bank & Trust Co raised its position in shares of Seattle Genetics by 43.7% during the third quarter. Capital Bank & Trust Co now owns 834,519 shares of the biotechnology company’s stock worth $45,406,000 after purchasing an additional 253,753 shares during the period. Hedge funds and other institutional investors own 93.13% of the company’s stock.

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Shares of Seattle Genetics, Inc. (NASDAQ:SGEN) opened at $57.70 on Friday. Seattle Genetics, Inc. has a 1 year low of $45.31 and a 1 year high of $71.32.

Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Tuesday, February 6th. The biotechnology company reported ($0.41) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.43) by $0.02. Seattle Genetics had a negative return on equity of 32.49% and a negative net margin of 26.03%. The business had revenue of $129.61 million for the quarter, compared to analyst estimates of $123.99 million. During the same quarter last year, the firm earned ($0.39) EPS. Seattle Genetics’s revenue for the quarter was up 23.1% compared to the same quarter last year. sell-side analysts expect that Seattle Genetics, Inc. will post -1.57 EPS for the current fiscal year.

SGEN has been the topic of a number of research analyst reports. Oppenheimer reaffirmed a “hold” rating on shares of Seattle Genetics in a research report on Thursday, December 7th. BidaskClub raised Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, December 9th. Cantor Fitzgerald set a $50.00 price target on Seattle Genetics and gave the stock a “hold” rating in a research report on Monday, January 8th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Seattle Genetics in a research report on Tuesday, January 9th. Finally, TheStreet lowered Seattle Genetics from a “c-” rating to a “d+” rating in a research report on Wednesday, February 28th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $64.25.

In other Seattle Genetics news, insider Clay B. Siegall sold 18,832 shares of the firm’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $51.71, for a total value of $973,802.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Jonathan G. Drachman sold 10,457 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $52.83, for a total value of $552,443.31. The disclosure for this sale can be found here. In the last three months, insiders sold 66,953 shares of company stock worth $3,542,588. 34.70% of the stock is owned by insiders.

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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).

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

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