Blue Jay Capital Management adds Seattle Genetics (SGEN) to its portfolio

Seattle Genetics (SGEN) : Blue Jay Capital Management added new position in Seattle Genetics during the most recent quarter end. The investment management firm now holds 328,430 shares of Seattle Genetics which is valued at $15,390,230 , the company said in a statement filed on Aug 12, 2016 with the SEC.Seattle Genetics makes up approximately 9.12% of Blue Jay Capital Management’s portfolio.

Other Hedge Funds, Including , Spark Investment Management boosted its stake in SGEN in the latest quarter, The investment management firm added 70,800 additional shares and now holds a total of 102,900 shares of Seattle Genetics which is valued at $4,821,894. Seattle Genetics makes up approx 0.42% of Spark Investment Management’s portfolio.Blackrock Fund Advisors reduced its stake in SGEN by selling 49,682 shares or 1.72% in the most recent quarter. The Hedge Fund company now holds 2,846,565 shares of SGEN which is valued at $133,390,036. Seattle Genetics makes up approx 0.03% of Blackrock Fund Advisors’s portfolio.Tower Research Capital (trc) boosted its stake in SGEN in the latest quarter, The investment management firm added 585 additional shares and now holds a total of 615 shares of Seattle Genetics which is valued at $28,819.Mitsubishi Ufj Kokusai Asset Management Ltd. reduced its stake in SGEN by selling 47 shares or 5.1% in the most recent quarter. The Hedge Fund company now holds 874 shares of SGEN which is valued at $42,835.

Seattle Genetics opened for trading at $45.36 and hit $45.62 on the upside on Monday, eventually ending the session at $45.36, with a gain of 0.13% or 0.06 points. The heightened volatility saw the trading volume jump to 4,37,056 shares. Company has a market cap of $6,374 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. 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 .Company shares were Reiterated by SunTrust on Jul 27, 2016 to “Neutral”, Firm has raised the Price Target to $ 38 from a previous price target of $34 .

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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