Van ECK Associates Corp Has $26.27 Million Stake in Seagen Inc. (NASDAQ:SGEN)

Van ECK Associates Corp lifted its position in Seagen Inc. (NASDAQ:SGEN) by 12.1% in the second quarter, HoldingsChannel.com reports. The firm owned 166,406 shares of the biotechnology company’s stock after acquiring an additional 18,024 shares during the period. Van ECK Associates Corp’s holdings in Seagen were worth $26,273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Exchange Traded Concepts LLC raised its stake in shares of Seagen by 3.7% in the second quarter. Exchange Traded Concepts LLC now owns 2,049 shares of the biotechnology company’s stock valued at $323,000 after purchasing an additional 74 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Seagen by 2.0% in the second quarter. Ameritas Investment Partners Inc. now owns 3,871 shares of the biotechnology company’s stock valued at $611,000 after purchasing an additional 75 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Seagen by 9.2% in the first quarter. Rockefeller Capital Management L.P. now owns 911 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 77 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in shares of Seagen by 0.7% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 12,286 shares of the biotechnology company’s stock valued at $1,706,000 after purchasing an additional 86 shares in the last quarter. Finally, IndexIQ Advisors LLC raised its stake in shares of Seagen by 4.1% in the second quarter. IndexIQ Advisors LLC now owns 2,189 shares of the biotechnology company’s stock valued at $346,000 after purchasing an additional 86 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Shares of NASDAQ:SGEN opened at $150.46 on Wednesday. Seagen Inc. has a twelve month low of $133.20 and a twelve month high of $213.94. The firm has a market cap of $27.37 billion, a PE ratio of 46.15 and a beta of 0.82. The business has a fifty day moving average of $154.08 and a 200-day moving average of $150.42.

Seagen (NASDAQ:SGEN) last announced its earnings results on Thursday, July 29th. The biotechnology company reported ($0.47) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.14. Seagen had a return on equity of 19.02% and a net margin of 25.06%. The company had revenue of $388.48 million during the quarter, compared to analyst estimates of $355.62 million. On average, analysts predict that Seagen Inc. will post -2.33 EPS for the current fiscal year.

In related news, insider Vaughn B. Himes sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, September 8th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Charles R. Romp sold 703 shares of the firm’s stock in a transaction dated Friday, July 2nd. The stock was sold at an average price of $158.41, for a total value of $111,362.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,534 shares of company stock worth $19,967,680. 27.60% of the stock is owned by company insiders.

Separately, Morgan Stanley dropped their price objective on Seagen from $173.00 to $167.00 and set an “equal weight” rating for the company in a research note on Friday, July 16th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $184.75.

Seagen Company Profile

Seagen Inc is a biotechnology company, which engages in the development and commercialization of antibody-based therapies for the treatment of cancer. Its products include Adcetris and Padcev. The firm is also advancing a pipeline of novel therapies for solid tumors and blood-related cancers. The company was founded by Clay B.

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Institutional Ownership by Quarter for Seagen (NASDAQ:SGEN)

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