Seattle Genetics Inc (SGEN): Baker Bros. Advisors Raises Stake

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Julian and Felix Baker‘s Baker Bros. Advisors reported raising its stake in Seattle Genetics Inc (NASDAQ:SGEN) to 44.35 million common shares, which amass 31.5% of the outstanding stock, through an amended 13D filing with the US SEC. Previously, the fund’s stake consisted of 43.24 million shares, according to its last 13F filing for the reporting period of June 30.

Seattle Genetics is a biotechnology company engaged in the development and production of empowered monoclonal antibody-based therapies for the cancer treatment. Recently, the company reported good results from phase 3 Alcanza clinical trial of ADCETRIS for CD30-expressing cutaneous T-Cell Lymphoma. Over the past 12 years, the company’s stock gained 19.06%. In its last financial report for the second quarter of 2016, Seattle Genetic disclosed a loss per share of $0.23, beating the analysts’ estimates of a loss per share of $0.32, and revenue of $95.4 million, also topping the estimates of $94.1 million. Lately, Goldman Sachs Group Inc. upgraded its rating on Seattle Genetic’s stock to “Neutral’ from ‘Sell’, and raised its price target to $47 from $30, while Morgan Stanley initiated coverage on the stock, and placed and ‘Overweight’ rating with a price target of $60.



Felix Baker - Baker Bros.

The number of investors long Seattle Genetics (NASDAQ:SGEN) increased by eight in recent months, and at the end of the second quarter there were 12 hedge funds with long positions in the company. Among the bullish investors were Ken Griffin’s Citadel Investment Group, with a position valued at $30.48 million, Joe Dimenna’s ZWEIG DIMENNA PARTNERS, which held a stake in the company worth around $1.87 million, Kerr Neilson’s Platinum Asset Management, and Gavin Saitowitz And Cisco J. Del Valle’s Springbok Capital.

Some of the new investors in Seattle Genetics (NASDAQ:SGEN) during the June quarter contained Dmitry Balyasny’s Balyasny Asset Management, which initiated a new position worth around $15.76 million, Paul Sinclair’s Blue Jay Capital Management, which had $13.27 million invested in the company, Zach Schreiber’s PointState Capital, George Soros’ Soros Fund Management, and John A. Levin’s Levin Capital Strategies.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Baker Bros. Advisors 44,209,554 0 44,209,554 0 44,209,554 31.4%
Baker Bros. Advisors (GP) 44,209,554 0 44,209,554 0 44,209,554 31.4%
Julian C. Baker 44,347,979 0 44,347,979 0 44,347,979 31.5%
Felix J. Baker 44,347,986 0 44,347,986 0 44,347,986 31.5%
FBB 18,243 0 18,243 0 18,243 (1) 14 TYPE OF REPORTING PERSON (See Instructions) OO (1) The percentage of ownership is less than 0.1%
FBB3 12,678 0 12,678 0 12,678 (1) 14 TYPE OF REPORTING PERSON (See Instructions) OO (1) The percentage of ownership is less than 0.1%

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Page 1 of 16 – SEC Filing

Washington, D.C. 20549

Under the Securities Exchange Act of 1934

(Amendment No. 22)

Seattle Genetics, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
(CUSIP Number)

Alexandra A. Toohey

Chief Financial Officer

Baker Bros. Advisors LP
667 Madison Avenue, 21st Floor
New York, NY 10065
(212) 339-5690

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed
a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ¨

Note: Schedules filed in paper format
shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom
copies are to be sent.

*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).

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