Seagen Inc. (NASDAQ:SGEN – Get Rating) CEO Roger D. Dansey sold 10,000 shares of the company in a trade on Monday, October 17. The shares were sold at an average price of $135.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the CEO now directly owns 97,539 shares of the company, valued at $13,167,765. The transaction was disclosed in a filing with the SEC, which is available via this hyperlink.

Seagen trades down 3.7%

SGEN was down $5.01 in Wednesday’s midday session, hitting $129.83. 643,838 shares of the company have been traded, against an average volume of 1,159,991. The company has a market capitalization of $23.95 billion, a price-earnings ratio of -32.22 and a beta of 0.67 . Seagen Inc. has a 52-week low of $105.43 and a 52-week high of $192.79. The company has a 50-day simple moving average of $147.94 and a two-hundred-day simple moving average of $152.08.

Seagen Inc (NASDAQ:SGEN – Get Rating) last released its quarterly earnings data on Thursday, July 28. The biotech company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.82) by $0.09. The company posted revenue of $497.50 million for the quarter, versus a consensus estimate of $437.77 million. Seagen had a negative net margin of 41.61% and a negative return on equity of 24.33%. The company’s revenue increased by 28.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.47) earnings per share. Equity research analysts expect Seagen Inc. to post earnings per share of -3.42 for the current year.

Changes to analyst ratings

The SGEN has been the subject of several recent research reports. StockNews.com launched coverage on Seagen shares in a Wednesday, October 12, report. They issued a “buy” rating on the stock. Morgan Stanley lowered its price target on Seagen shares from $181.00 to $170.00 and set an “overweight” rating on the stock in a Thursday, October 13 report. JMP Securities raised its price target on Seagen shares from $157.00 to $196.00 and gave the company a “market outperforming” rating in a Friday, July 8 report. SVB Leerink raised its price target on Seagen shares from $152.00 to $160.00 and gave the company an “outperform” rating in a Tuesday, September 13 report. Finally, TheStreet downgraded Seagen’s shares from a “c-” rating to a “d+” rating in a Friday, September 16 research report. Two equity research analysts gave the stock a hold rating and eleven gave the stock a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $180.21.

Hedge funds weigh on Seagen

Several hedge funds and other institutional investors have recently increased or reduced their stake in SGEN. Allworth Financial LP increased its stake in Seagen shares by 1,053.8% in the second quarter. Allworth Financial LP now owns 150 shares of the biotech company worth $27,000 after buying 137 more shares last quarter. Glassman Wealth Services increased its stake in Seagen shares by 80.6% in the second quarter. Glassman Wealth Services now owns 177 shares of the biotech company worth $31,000 after buying 79 more shares in the last quarter. Achmea Investment Management BV bought a new position in shares of Seagen in the first quarter worth approximately $33,000. Covington Capital Management bought a new position in shares of Seagen in the second quarter for a value of approximately $37,000. Finally, First Horizon Advisors Inc. increased its stake in Seagen shares by 1,615.4% in the second quarter. First Horizon Advisors Inc. now owns 223 shares of the biotech company worth $38,000 after buying 210 more shares in the last quarter. 88.21% of the shares are held by hedge funds and other institutional investors.

About Seagen

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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.

Further reading

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