Seagen (NASDAQ:SGEN) Price Target Cut to $190.00

Seagen (NASDAQ:SGEN) had its price target reduced by SVB Leerink from $192.00 to $190.00 in a note issued to investors on Wednesday, Price reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. SVB Leerink’s price target indicates a potential upside of 15.14% from the stock’s previous close.

A number of other equities analysts have also issued reports on the company. Piper Sandler restated a “hold” rating and issued a $160.00 target price on shares of Seagen in a research note on Monday. Morgan Stanley reduced 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 research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $184.58.

SGEN opened at $165.01 on Wednesday. The company has a market cap of $30.02 billion, a P/E ratio of 50.62 and a beta of 0.82. The firm’s 50-day moving average price is $155.06 and its 200-day moving average price is $150.68. Seagen has a 52-week low of $133.20 and a 52-week high of $213.94.

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

In other news, CEO Clay B. Siegall sold 14,294 shares of the stock in a transaction dated Friday, August 27th. The shares were sold at an average price of $169.05, for a total transaction of $2,416,400.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Todd E. Simpson sold 533 shares of the company’s stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $154.55, for a total value of $82,375.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 122,534 shares of company stock valued at $19,967,680. Insiders own 27.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Assetmark Inc. purchased a new stake in shares of Seagen during the first quarter worth about $26,000. Itau Unibanco Holding S.A. acquired a new stake in Seagen in the 2nd quarter worth about $28,000. KB Financial Partners LLC purchased a new stake in Seagen during the 1st quarter worth approximately $32,000. AllSquare Wealth Management LLC raised its holdings in shares of Seagen by 56.3% during the second quarter. AllSquare Wealth Management LLC now owns 200 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 72 shares during the last quarter. Finally, Berman Capital Advisors LLC lifted its position in shares of Seagen by 77.7% in the first quarter. Berman Capital Advisors LLC now owns 318 shares of the biotechnology company’s stock valued at $43,000 after acquiring an additional 139 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

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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