Great Lakes Advisors LLC Increases Position in Seattle Genetics, Inc. (NASDAQ:SGEN)

Great Lakes Advisors LLC lifted its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 5.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 186,978 shares of the biotechnology company’s stock after purchasing an additional 9,290 shares during the period. Great Lakes Advisors LLC owned about 0.11% of Seattle Genetics worth $15,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Seattle Genetics by 5.0% in the third quarter. Comerica Bank now owns 3,843 shares of the biotechnology company’s stock worth $385,000 after purchasing an additional 184 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Seattle Genetics by 3.9% in the third quarter. Commonwealth Equity Services LLC now owns 5,428 shares of the biotechnology company’s stock worth $463,000 after purchasing an additional 204 shares in the last quarter. Gateway Investment Advisers LLC increased its stake in shares of Seattle Genetics by 0.3% in the third quarter. Gateway Investment Advisers LLC now owns 69,126 shares of the biotechnology company’s stock worth $5,903,000 after purchasing an additional 229 shares in the last quarter. NEXT Financial Group Inc increased its stake in shares of Seattle Genetics by 333.3% in the third quarter. NEXT Financial Group Inc now owns 325 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, World Asset Management Inc increased its stake in shares of Seattle Genetics by 7.4% in the third quarter. World Asset Management Inc now owns 3,827 shares of the biotechnology company’s stock worth $327,000 after purchasing an additional 264 shares in the last quarter. 92.50% of the stock is owned by hedge funds and other institutional investors.

In related news, CEO Clay B. Siegall sold 28,472 shares of Seattle Genetics stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $107.61, for a total transaction of $3,063,871.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David W. Gryska sold 5,000 shares of Seattle Genetics stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $85.09, for a total transaction of $425,450.00. The disclosure for this sale can be found here. Insiders sold a total of 197,466 shares of company stock valued at $15,977,712 in the last 90 days. Company insiders own 33.80% of the company’s stock.

A number of brokerages have recently issued reports on SGEN. HC Wainwright reissued a “buy” rating and issued a $140.00 price objective (up from $98.00) on shares of Seattle Genetics in a research note on Tuesday, October 22nd. BTIG Research began coverage on shares of Seattle Genetics in a research note on Monday, August 26th. They issued a “neutral” rating for the company. BidaskClub raised shares of Seattle Genetics from a “hold” rating to a “buy” rating in a research note on Wednesday, October 23rd. William Blair reaffirmed a “buy” rating on shares of Seattle Genetics in a research note on Friday, October 25th. Finally, Guggenheim raised their target price on shares of Seattle Genetics from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $103.73.

Shares of Seattle Genetics stock traded up $1.36 during trading on Wednesday, hitting $112.00. The stock had a trading volume of 83,807 shares, compared to its average volume of 928,185. The firm’s fifty day simple moving average is $91.93 and its 200-day simple moving average is $76.21. The stock has a market cap of $18.57 billion, a PE ratio of -67.95 and a beta of 2.00. Seattle Genetics, Inc. has a 12 month low of $51.50 and a 12 month high of $111.80.

Seattle Genetics (NASDAQ:SGEN) last released its earnings results on Tuesday, October 29th. The biotechnology company reported ($0.55) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.19). The firm had revenue of $213.26 million during the quarter, compared to the consensus estimate of $211.85 million. Seattle Genetics had a negative return on equity of 19.17% and a negative net margin of 37.97%. Seattle Genetics’s revenue was up 25.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.42) EPS. Analysts forecast that Seattle Genetics, Inc. will post -1.59 earnings per share for the current year.

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.

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

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