Seattle Genetics (SGEN) : The traders have covered their outstanding shorts in Seattle Genetics (SGEN) to the tune of -1,084,062 shares, a change of -7.8%. As on Jul 29, 2016, the outstanding shorts on the stock were 13,840,623 shares, however, by August 15, 2016, the shorts had reduced to 12,756,561 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 9.2% of the free float of the stock. It takes 19 days to cover the outstanding short positions. The stock has an average daily volume of 670,991 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Seattle Genetics (NASDAQ:SGEN): The stock opened at $47.67 on Wednesday but the bulls could not build on the opening and the stock topped out at $48.57 for the day. The stock traded down to $44.95 during the day, due to lack of any buying support eventually closed down at $45.12 with a loss of -5.59% for the day. The stock had closed at $47.79 on the previous day. The total traded volume was 893,773 shares.
In a related news, The Securities and Exchange Commission has divulged that Siegall Clay B, director officer (President and CEO) of Seattle Genetics Inc /Wa, had unloaded 11,660 shares at an average price of $47.12 in a transaction dated on August 8, 2016. The total value of the transaction was worth $549,419.
Seattle Genetics, Inc. is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Companys marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC) comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE), utilizing its technology. In addition to ADCETRIS, the Companys pipeline includes six clinical-stage ADC programs consisting of SGN-CD33A, SGN-CD19A, SGN-LIV1A, SGN-CD70A, ASG-22ME, and ASG-15ME, and SEA-CD40, which is based on its sugar-engineered antibody (SEA) technology. In addition, it has multiple preclinical and research-stage programs that employ its technologies. Its technologies include ADC technology and Seattle Genetics sugar-engineered antibody (SEA) technology.