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Baker Bros. Strengthens Position in Seattle Genetics, Inc. (SGEN)

Julian Baker and Felix Baker have increased their exposure to Seattle Genetics, Inc. (NASDAQ:SGEN) even higher. In a newly amended filing with the SEC, Julian and Felix Baker, and their hedge fund Baker Bros Advisors, revealed holding a total of over 20.9 million shares of the company, versus some 20.5 million shares disclosed in a filing from last week. The stake also includes 112,500 shares under options, held directly by Felix Baker. The holding is activist by nature and amasses 17.1% of the company’s common stock.

Seattle Genetics, Inc. (NASDAQ:SGEN)

Seattle Genetics, Inc. (NASDAQ:SGEN) is a $4.88 billion market cap biotech firm, which has posted net losses of $57 million over the trailing twelve month period. It generated sales of $265 million in the same period by managing to get its monoclonal antibody-based drugs designed to cure cancer approved by the United States Food and Drug Administration.

The funds have been looking at the stock of Seattle Genetics, Inc. (NASDAQ:SGEN) with rose tinted glasses thanks to the positive results published by the drug maker on the sidelines of the 55th American Society of Hematology (ASH) Annual Meeting and Exposition taking place in New Orleans, Louisiana. According to an announcement dated December 10, Seattle Genetics, Inc. (NASDAQ:SGEN) indicated that in its phase 2 clinical trials of its target drug ADCETRIS (brentuximab vedotin), it was able to showcase better than expected “activity and tolerability profile” when the drug was induced into patients who were suffering from a relapse of lymphomas.

Baker Bros. Advisors hold the biggest position in the stock of Seattle Genetics, Inc. (NASDAQ:SGEN) among hedge funds. They have gone bullish on this stock and have increased their holding by an impressive 12 percent during the third quarter, thereby increasing their total holding to 19.32 million shares, as revealed in the fund’s latest 13F. It is followed by Sectoral Asset Management, led by Jerome Pfund and Michael Sjostrom, which, at the end of September, owned 422,600 shares, worth $18.5 million.

Other moves made by Baker Bros in the past couple of months involved Incyte Corporation (NASDAQ:INCY), in which the hedge fund trimmed its position to around 19.5 million shares, equal to 11.8% of the stock. The fund also reduced its position in Viropharma Inc (NASDAQ:VPHM), earlier in November, currently owning 8.3 million shares, representing 6.7% of the stock.

Disclosure: none

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