TD Asset Management Inc. reduced its holdings of Seagen Inc. (NASDAQ:SGEN – Get Rating) stock by 33.6% during the 1st quarter, according to the company in its latest filing with the Securities and Exchange Commission. The fund held 285,487 shares of the biotech company after selling 144,308 shares during the period. TD Asset Management Inc. owned approximately 0.16% of Seagen worth $41,125,000 at the end of the last quarter.
Several other institutional investors have also increased or reduced their stake in SGEN. Norges Bank acquired a new stake in Seagen during the 4th quarter at a value of $268,295,000. BlackRock Inc. increased its stake in Seagen shares by 8.9% in Q4. BlackRock Inc. now owns 13,341,753 shares of the biotech company worth $2,062,637,000 after buying an additional 1,090,927 shares in the last quarter. Marshall Wace LLP increased its stake in Seagen shares by 46.1% in Q4. Marshall Wace LLP now owns 1,397,503 shares of the biotech company worth $216,052,000 after purchasing an additional 440,891 shares in the last quarter. Senator Investment Group LP bought a new position in Seagen stock in Q4 worth $61,840,000. Finally, 1832 Asset Management LP bought a new position in Seagen in the fourth quarter worth approximately $58,011,000. 90.37% of the shares are currently held by hedge funds and other institutional investors.
Changes to analyst ratings
A number of equity research analysts have published SGEN stock reports. StockNews.com upgraded Seagen from a “hold” rating to a “buy” rating in a Friday, Aug. 5 research note. HC Wainwright raised its price target on Seagen from $170.00 to $200.00 and gave the company a “buy” rating in a Wednesday, July 27 research note. SVB Leerink reduced its price target on Seagen from $159.00 to $152.00 and set an “outperform” rating for the company in a Monday, August 15 research note. TheStreet upgraded Seagen from a ‘d+’ rating to a ‘c’ rating in a Wednesday July 6 research note. Finally, Royal Bank of Canada downgraded Seagen from an “sector performer” rating to an “outperformer” rating and increased its price target for the company from $179.00 to $188.00 in a research note from Monday, August 15. Three analysts gave the stock a hold rating and ten gave the company a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $179.79.
Insider buying and selling
Separately, CFO Todd E. Simpson sold 1,967 shares of the company in a trade that took place on Tuesday, August 16. The stock was sold at an average price of $170.22, for a total value of $334,822.74. Following the transaction, the CFO now directly owns 141,371 shares of the company, valued at approximately $24,064,171.62. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC’s website. In other news, insider Roger D. Dansey sold 34,635 shares of the company in a trade that took place on Tuesday, June 28. The stock was sold at an average price of $180.00, for a total transaction of $6,234,300.00. Following the sale, the insider now directly owns 62,084 shares of the company, valued at approximately $11,175,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, Chief Financial Officer Todd E. Simpson sold 1,967 shares of the company in a trade that took place on Tuesday, August 16. The stock was sold at an average price of $170.22, for a total value of $334,822.74. Following the sale, the CFO now directly owns 141,371 shares of the company, valued at $24,064,171.62. The disclosure of this sale can be found here. In the past three months, insiders have sold 56,972 shares of the company valued at $9,668,243. Company insiders own 27.30% of the company’s shares.
Seagen stock up 1.5%
SGEN stock opened at $171.67 on Friday. Seagen Inc. has a 12-month low of $105.43 and a 12-month high of $192.79. The stock has a market capitalization of $31.66 billion, a P/E ratio of -42.60 and a beta of 0.57. The company’s 50-day moving average price is $172.34 and its 200-day moving average price is $149.19.
Seagen (NASDAQ:SGEN – Get Rating) last released its quarterly results on Thursday, July 28. The biotech company reported ($0.73) EPS for the quarter, beating analyst consensus estimates of ($0.82) by $0.09. Seagen had a negative return on equity of 24.33% and a negative net margin of 41.61%. The company posted revenue of $497.50 million for the quarter, compared to $437.77 million expected by analysts. During the same period of the previous year, the company achieved EPS of ($0.47). The company’s revenue increased by 28.1% compared to the same quarter last year. On average, equity research analysts expect Seagen Inc. to post -3.42 earnings per share for the current fiscal year.
Seagen Company Profile
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Seagen Inc, a biotechnology company, develops and markets 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’s 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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