Opus Point Partners Management Lowers stake in Seattle Genetics (SGEN)

Seattle Genetics (SGEN) : Opus Point Partners Management reduced its stake in Seattle Genetics by 13.51% during the most recent quarter end. The investment management company now holds a total of 109,922 shares of Seattle Genetics which is valued at $5,150,945 after selling 17,166 shares in Seattle Genetics , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Seattle Genetics makes up approximately 4.30% of Opus Point Partners Management’s portfolio.

Other Hedge Funds, Including , Springbok Capital Management reduced its stake in SGEN by selling 4,861 shares or 87.37% in the most recent quarter. The Hedge Fund company now holds 703 shares of SGEN which is valued at $32,943. Seattle Genetics makes up approx 0.01% of Springbok Capital Management’s portfolio.Norges Bank reduced its stake in SGEN by selling 47,917 shares or 5.15% in the most recent quarter. The Hedge Fund company now holds 883,124 shares of SGEN which is valued at $41,383,191. Seattle Genetics makes up approx 0.02% of Norges Bank’s portfolio.Utah Retirement Systems reduced its stake in SGEN by selling 1,400 shares or 7.41% in the most recent quarter. The Hedge Fund company now holds 17,500 shares of SGEN which is valued at $857,675. Seattle Genetics makes up approx 0.02% of Utah Retirement Systems’s portfolio.Checchi Capital Advisers boosted its stake in SGEN in the latest quarter, The investment management firm added 24 additional shares and now holds a total of 1,217 shares of Seattle Genetics which is valued at $53,536. Seattle Genetics makes up approx 0.01% of Checchi Capital Advisers’s portfolio.

Seattle Genetics opened for trading at $44.72 and hit $44.97 on the upside on Thursday, eventually ending the session at $44.9, with a gain of 0.79% or 0.35 points. The heightened volatility saw the trading volume jump to 4,40,129 shares. Company has a market cap of $6,309 M.

On the company’s financial health, Seattle Genetics reported $-0.15 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.11. The company had revenue of $111.15 million for the quarter, compared to analysts expectations of $115.99 million. The company’s revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.17 EPS.

Many Wall Street Analysts have commented on Seattle Genetics. Seattle Genetics was Initiated by Morgan Stanley to “Overweight” on Sep 7, 2016. Company shares were Reiterated by Barclays on Jul 27, 2016 to “Overweight”, Firm has raised the Price Target to $ 53 from a previous price target of $48 .Company shares were Reiterated by RBC Capital Mkts on Jul 27, 2016 to “Outperform”, Firm has raised the Price Target to $ 130 from a previous price target of $125 .

Seattle Genetics Inc. is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s 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 Company’s 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.

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