AQR Capital Management LLC lessened its position in Seattle Genetics, Inc. (NASDAQ:SGEN) by 53.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,532 shares of the biotechnology company’s stock after selling 19,143 shares during the quarter. AQR Capital Management LLC’s holdings in Seattle Genetics were worth $1,275,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd bought a new position in Seattle Genetics in the third quarter valued at $104,000. Hollencrest Capital Management bought a new position in Seattle Genetics in the third quarter valued at $216,000. Fox Run Management L.L.C. bought a new position in Seattle Genetics in the third quarter valued at $225,000. Cornerstone Wealth Management LLC bought a new position in Seattle Genetics in the third quarter valued at $250,000. Finally, Verition Fund Management LLC bought a new position in Seattle Genetics in the third quarter valued at $261,000.
NASDAQ SGEN opened at $73.61 on Tuesday. Seattle Genetics, Inc. has a 12-month low of $47.75 and a 12-month high of $84.37. The stock has a market cap of $11.79 billion, a price-to-earnings ratio of -83.65 and a beta of 2.04.
Seattle Genetics (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, October 25th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.15). The business had revenue of $169.42 million for the quarter, compared to analysts’ expectations of $164.75 million. Seattle Genetics had a negative net margin of 26.58% and a negative return on equity of 19.13%. As a group, equities research analysts anticipate that Seattle Genetics, Inc. will post -1.44 EPS for the current year.
Several analysts have issued reports on SGEN shares. restated a “hold” rating on shares of Seattle Genetics in a research report on Monday, October 1st. Piper Jaffray Companies cut their price target on shares of Seattle Genetics to $66.00 and set a “neutral” rating for the company in a research report on Thursday, October 25th. TheStreet lowered shares of Seattle Genetics from a “c” rating to a “d+” rating in a research report on Thursday, October 25th. BidaskClub lowered shares of Seattle Genetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Finally, Royal Bank of Canada upped their price target on shares of Seattle Genetics to $98.00 and gave the company an “outperform” rating in a research report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $79.75.
In other news, EVP Darren S. Cline sold 7,000 shares of the stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $62.88, for a total transaction of $440,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clay B. Siegall sold 20,148 shares of the stock in a transaction dated Tuesday, January 8th. The stock was sold at an average price of $65.73, for a total transaction of $1,324,328.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,611 shares of company stock valued at $5,080,123. 33.80% of the stock is currently owned by company insiders.
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Seattle Genetics Company Profile
Seattle Genetics, Inc, a biotechnology company, focuses on the development and commercialization of targeted therapies for the treatment of cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for the treatment of relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma.
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