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US Bancorp DE trimmed its holdings in shares of Seagen Inc. (NASDAQ:SGEN – Get Rating) by 41.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,040 shares of the biotechnology company’s stock after selling 8,449 shares during the period. US Bancorp DE’s holdings in Seagen were worth $1,647,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in Seagen by 1,053.8% during the 2nd quarter. Allworth Financial LP now owns 150 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 137 shares during the last quarter. Glassman Wealth Services boosted its stake in Seagen by 80.6% during the 2nd quarter. Glassman Wealth Services now owns 177 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 79 shares during the last quarter. Covington Capital Management purchased a new stake in Seagen during the 2nd quarter valued at $37,000. First Horizon Advisors Inc. boosted its stake in Seagen by 1,615.4% during the 2nd quarter. First Horizon Advisors Inc. now owns 223 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 210 shares during the last quarter. Finally, Achmea Investment Management B.V. purchased a new stake in Seagen during the 1st quarter valued at $33,000. 86.25% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on SGEN shares. StockNews.com downgraded Seagen from a “buy” rating to a “hold” rating in a research note on Monday, October 31st. HC Wainwright dropped their price target on Seagen from $200.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, October 28th. Morgan Stanley raised their price target on Seagen from $170.00 to $171.00 and gave the stock an “overweight” rating in a research note on Friday, October 28th. Barclays dropped their price target on Seagen from $174.00 to $136.00 and set an “equal weight” rating on the stock in a research note on Friday, October 28th. Finally, Oppenheimer dropped their price target on Seagen from $208.00 to $188.00 and set an “outperform” rating on the stock in a research note on Friday, October 28th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $160.67.
Seagen Stock Up 0.1 %
NASDAQ:SGEN opened at $132.12 on Tuesday. The business’s 50-day simple moving average is $128.33 and its two-hundred day simple moving average is $145.02. The stock has a market cap of $24.53 billion, a PE ratio of -38.30 and a beta of 0.55. Seagen Inc. has a 52 week low of $105.43 and a 52 week high of $183.00.
Seagen (NASDAQ:SGEN – Get Rating) last posted its quarterly earnings results on Thursday, October 27th. The biotechnology company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.11). The business had revenue of $510.30 million for the quarter, compared to the consensus estimate of $469.25 million. Seagen had a negative net margin of 34.16% and a negative return on equity of 21.56%. Sell-side analysts anticipate that Seagen Inc. will post -3.54 earnings per share for the current fiscal year.
Insider Buying and Selling at Seagen
In other Seagen news, insider Roger D. Dansey sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, December 14th. The stock was sold at an average price of $135.00, for a total transaction of $1,350,000.00. Following the sale, the insider now directly owns 97,539 shares of the company’s stock, valued at $13,167,765. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CMO Roger D. Dansey sold 7,500 shares of the firm’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $135.00, for a total transaction of $1,012,500.00. Following the completion of the transaction, the chief marketing officer now owns 97,539 shares in the company, valued at $13,167,765. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Roger D. Dansey sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $135.00, for a total value of $1,350,000.00. Following the transaction, the insider now owns 97,539 shares of the company’s stock, valued at approximately $13,167,765. The disclosure for this sale can be found here. Insiders have sold a total of 38,987 shares of company stock valued at $5,177,759 over the last ninety days. 27.30% of the stock is currently owned by company insiders.
About Seagen
(Get Rating)
Seagen Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company offers ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas; PADCEV, an ADC targeting Nectin-4 for the treatment of advanced or metastatic urothelial cancer; and TUKYSA, an oral small molecule tyrosine kinase inhibitor for the treatment of adult patients with advanced unresectable or metastatic HER2-positive breast cancer.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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