Northwestern Mutual Wealth Management Co. reduced its stake in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 34.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 485 shares of the biotechnology company’s stock after selling 250 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Seattle Genetics were worth $55,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. raised its position in Seattle Genetics by 11.2% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 192,129 shares of the biotechnology company’s stock valued at $14,072,000 after purchasing an additional 19,394 shares during the last quarter. Redpoint Investment Management Pty Ltd bought a new position in Seattle Genetics in the third quarter valued at about $212,000. State Street Corp raised its position in Seattle Genetics by 3.9% in the third quarter. State Street Corp now owns 3,292,202 shares of the biotechnology company’s stock valued at $281,154,000 after purchasing an additional 123,424 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Seattle Genetics during the third quarter worth about $149,000. Finally, Pictet Asset Management Ltd. raised its position in shares of Seattle Genetics by 20.5% during the third quarter. Pictet Asset Management Ltd. now owns 667,826 shares of the biotechnology company’s stock worth $57,032,000 after acquiring an additional 113,663 shares during the last quarter. 94.63% of the stock is currently owned by institutional investors.
In other news, insider Roger D. Dansey sold 350 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $116.33, for a total value of $40,715.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vaughn B. Himes sold 8,000 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $114.91, for a total value of $919,280.00. The disclosure for this sale can be found here. Insiders sold a total of 93,766 shares of company stock valued at $10,527,157 over the last quarter. Company insiders own 33.80% of the company’s stock.
Seattle Genetics stock traded up $10.04 during mid-day trading on Thursday, reaching $115.50. 787,542 shares of the company’s stock were exchanged, compared to its average volume of 1,546,181. The business’s fifty day simple moving average is $111.06 and its 200 day simple moving average is $104.34. The firm has a market capitalization of $17.55 billion, a PE ratio of -117.86 and a beta of 1.72. Seattle Genetics, Inc. has a one year low of $62.90 and a one year high of $124.32.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, February 6th. The biotechnology company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.60. Seattle Genetics had a negative return on equity of 13.99% and a negative net margin of 17.31%. The firm had revenue of $289.80 million during the quarter, compared to analysts’ expectations of $219.21 million. During the same period in the prior year, the business earned ($0.75) EPS. The company’s revenue for the quarter was up 66.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Seattle Genetics, Inc. will post -2.95 earnings per share for the current year.
Several research firms recently commented on SGEN. Piper Sandler decreased their target price on Seattle Genetics to in a research note on Friday, February 7th. BidaskClub raised Seattle Genetics from a “hold” rating to a “buy” rating in a research report on Saturday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Seattle Genetics in a research report on Tuesday, March 3rd. Piper Jaffray Companies lifted their target price on Seattle Genetics from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $113.00 price target on shares of Seattle Genetics in a report on Monday, January 27th. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $119.33.
About Seattle Genetics
Seattle Genetics, Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas.
Featured Story: Diversification For Individual Investors
Receive News & Ratings for Seattle Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seattle Genetics and related companies with MarketBeat.com's FREE daily email newsletter.