CIBC Asset Management Inc Has $2.91 Million Stock Holdings in Seattle Genetics, Inc. (NASDAQ:SGEN)

CIBC Asset Management Inc increased its position in shares of Seattle Genetics, Inc. (NASDAQ:SGEN) by 4.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,099 shares of the biotechnology company’s stock after purchasing an additional 696 shares during the quarter. CIBC Asset Management Inc’s holdings in Seattle Genetics were worth $2,905,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Synovus Financial Corp lifted its holdings in Seattle Genetics by 206.5% during the 1st quarter. Synovus Financial Corp now owns 331 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 223 shares during the last quarter. Ellevest Inc. lifted its holdings in Seattle Genetics by 753.3% during the 2nd quarter. Ellevest Inc. now owns 256 shares of the biotechnology company’s stock valued at $43,000 after purchasing an additional 226 shares during the last quarter. Baldwin Brothers Inc. MA lifted its holdings in Seattle Genetics by 1,000.0% during the 2nd quarter. Baldwin Brothers Inc. MA now owns 275 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 250 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in Seattle Genetics by 387.2% during the 1st quarter. Exchange Traded Concepts LLC now owns 458 shares of the biotechnology company’s stock valued at $53,000 after purchasing an additional 364 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Seattle Genetics by 1,188.0% during the 2nd quarter. Parallel Advisors LLC now owns 322 shares of the biotechnology company’s stock valued at $54,000 after purchasing an additional 297 shares during the last quarter. 94.61% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Marc E. Lippman sold 1,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $152.03, for a total transaction of $152,030.00. Following the completion of the sale, the director now owns 48,668 shares in the company, valued at $7,398,996.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd E. Simpson sold 26,867 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $162.94, for a total value of $4,377,708.98. Following the sale, the chief financial officer now owns 175,863 shares of the company’s stock, valued at approximately $28,655,117.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 721,041 shares of company stock worth $115,476,023. Insiders own 31.10% of the company’s stock.

Several brokerages recently issued reports on SGEN. Oppenheimer lifted their price target on shares of Seattle Genetics from $175.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, June 26th. JMP Securities began coverage on shares of Seattle Genetics in a research note on Tuesday, May 26th. They issued an “outperform” rating and a $185.00 target price for the company. Guggenheim raised shares of Seattle Genetics from a “neutral” rating to a “buy” rating in a research note on Friday, May 1st. Goldman Sachs Group raised shares of Seattle Genetics from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, May 26th. Finally, Stifel Nicolaus boosted their target price on shares of Seattle Genetics from $120.00 to $127.00 and gave the stock a “hold” rating in a research note on Friday, May 1st. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $150.16.

NASDAQ SGEN opened at $166.27 on Friday. The business has a fifty day moving average price of $169.28 and a two-hundred day moving average price of $137.30. Seattle Genetics, Inc. has a fifty-two week low of $65.44 and a fifty-two week high of $187.99. The stock has a market capitalization of $28.78 billion, a PE ratio of -88.44 and a beta of 1.46.

Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, July 30th. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.51. The business had revenue of $278.00 million during the quarter, compared to the consensus estimate of $256.74 million. Seattle Genetics had a negative return on equity of 16.51% and a negative net margin of 32.81%. On average, equities research analysts expect that Seattle Genetics, Inc. will post -2.69 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.

Read More: Average Daily Trade Volume – ADTV

Want to see what other hedge funds are holding SGEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seattle Genetics, Inc. (NASDAQ:SGEN).

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

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.



Leave a Reply