Stock Traders Buy High Volume of Put Options on Seattle Genetics (SGEN)
Seattle Genetics, Inc. (NASDAQ:SGEN) was the recipient of unusually large options trading on Thursday. Traders acquired 5,518 put options on the company. This represents an increase of approximately Infinity compared to the average volume of 0 put options.
Seattle Genetics (SGEN) opened at $61.38 on Friday. Seattle Genetics has a twelve month low of $45.31 and a twelve month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last released its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.23. The firm had revenue of $135.29 million for the quarter, compared to analysts’ expectations of $112.76 million. Seattle Genetics had a negative return on equity of 33.16% and a negative net margin of 26.53%. The company’s revenue was up 27.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.23) EPS. analysts expect that Seattle Genetics will post -1.01 EPS for the current year.
In other news, CFO Todd E. Simpson sold 39,385 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $60.91, for a total value of $2,398,940.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Clay B. Siegall sold 18,832 shares of the business’s stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $61.18, for a total value of $1,152,141.76. The disclosure for this sale can be found here. Insiders have sold a total of 213,146 shares of company stock worth $11,347,991 in the last quarter. Company insiders own 34.70% of the company’s stock.
Large investors have recently bought and sold shares of the company. First Manhattan Co. increased its stake in shares of Seattle Genetics by 31.3% in the 2nd quarter. First Manhattan Co. now owns 3,150 shares of the biotechnology company’s stock worth $162,000 after purchasing an additional 750 shares in the last quarter. Bristlecone Advisors LLC purchased a new stake in shares of Seattle Genetics in the 3rd quarter worth $180,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Seattle Genetics in the 1st quarter worth $240,000. Meeder Asset Management Inc. increased its stake in shares of Seattle Genetics by 1,580.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 3,950 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 3,715 shares in the last quarter. Finally, DRW Securities LLC purchased a new stake in shares of Seattle Genetics in the 2nd quarter worth $207,000. Hedge funds and other institutional investors own 97.13% of the company’s stock.
A number of analysts have recently commented on the company. Barclays PLC raised Seattle Genetics from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $70.00 in a research report on Friday, October 20th. Zacks Investment Research cut Seattle Genetics from a “buy” rating to a “hold” rating in a research report on Monday, October 16th. SunTrust Banks, Inc. set a $52.00 price target on Seattle Genetics and gave the stock a “hold” rating in a research report on Friday, October 27th. Cowen and Company reissued a “hold” rating on shares of Seattle Genetics in a research report on Sunday, October 29th. Finally, J P Morgan Chase & Co boosted their price target on Seattle Genetics from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $63.00.
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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).
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