Berson & Corrado Investment Advisors LLC raised its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 5.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,017 shares of the biotechnology company’s stock after buying an additional 1,235 shares during the period. Berson & Corrado Investment Advisors LLC’s holdings in Seattle Genetics were worth $1,294,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Seattle Genetics during the first quarter worth about $119,000. Tradewinds Capital Management LLC raised its stake in Seattle Genetics by 2.3% in the first quarter. Tradewinds Capital Management LLC now owns 2,344 shares of the biotechnology company’s stock worth $147,000 after buying an additional 52 shares during the period. Daiwa Securities Group Inc. raised its stake in Seattle Genetics by 562.5% in the first quarter. Daiwa Securities Group Inc. now owns 2,650 shares of the biotechnology company’s stock worth $167,000 after buying an additional 2,250 shares during the period. Capital Fund Management S.A. acquired a new stake in Seattle Genetics during the first quarter worth about $208,000. Finally, Miles Capital Inc. acquired a new stake in Seattle Genetics during the first quarter worth about $226,000. Institutional investors own 98.04% of the company’s stock.
Seattle Genetics, Inc. (SGEN) traded up 0.14% during mid-day trading on Monday, hitting $51.44. 774,091 shares of the stock traded hands. Seattle Genetics, Inc. has a 1-year low of $40.27 and a 1-year high of $75.36. The stock has a 50-day moving average of $63.06 and a 200 day moving average of $62.73. The firm’s market cap is $7.34 billion.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Thursday, April 27th. The biotechnology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.41) by $0.01. The firm had revenue of $109.10 million for the quarter, compared to the consensus estimate of $103.23 million. Seattle Genetics had a negative return on equity of 27.98% and a negative net margin of 43.17%. The firm’s revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.15) EPS. On average, equities analysts expect that Seattle Genetics, Inc. will post ($1.67) EPS for the current year.
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A number of research firms have issued reports on SGEN. Barclays PLC reiterated a “hold” rating on shares of Seattle Genetics in a report on Friday, June 23rd. BidaskClub downgraded shares of Seattle Genetics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. TheStreet downgraded shares of Seattle Genetics from a “c-” rating to a “d” rating in a research report on Tuesday, May 9th. ValuEngine raised shares of Seattle Genetics from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Cowen and Company reissued a “hold” rating and issued a $54.00 price objective (down from $61.00) on shares of Seattle Genetics in a research report on Monday, June 19th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $61.00.
In related news, CMO Jonathan G. Drachman sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total value of $640,100.00. Following the completion of the sale, the chief marketing officer now owns 125,204 shares of the company’s stock, valued at $8,014,308.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clay B. Siegall sold 10,423 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $65.21, for a total transaction of $679,683.83. The disclosure for this sale can be found here. Insiders sold 30,846 shares of company stock valued at $1,861,571 in the last ninety days. Corporate insiders own 33.30% of the company’s stock.
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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