Seagen (NASDAQ:SGEN) Price Target Raised to $179.00

Seagen (NASDAQ:SGEN – Get Rating) had its price target upped by Royal Bank of Canada from $136.00 to $179.00 in a research report sent to investors on Friday, The Fly reports.

SGEN has been the topic of a number of other research reports. Guggenheim set a $204.00 price target on Seagen in a report on Tuesday, July 19th. Raymond James assumed coverage on Seagen in a report on Wednesday, June 29th. They set an outperform rating and a $220.00 target price on the stock. SVB Leerink upped their target price on Seagen from $155.00 to $159.00 and gave the stock an outperform rating in a report on Monday, June 6th. Morgan Stanley upped their target price on Seagen from $180.00 to $181.00 and gave the stock an overweight rating in a report on Friday. Finally, Needham & Company LLC upped their target price on Seagen from $180.00 to $188.00 and gave the stock a buy rating in a report on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $179.64.

Seagen Trading Up 1.4 %

NASDAQ SGEN opened at $179.98 on Friday. Seagen has a 1-year low of $105.43 and a 1-year high of $192.79. The stock has a 50-day moving average of $162.03 and a 200-day moving average of $144.78. The firm has a market cap of $33.13 billion, a PE ratio of -47.74 and a beta of 0.60.

Seagen (NASDAQ:SGEN – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The biotechnology company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.09. Seagen had a negative return on equity of 21.86% and a negative net margin of 41.32%. The company had revenue of $497.50 million for the quarter, compared to the consensus estimate of $437.77 million. During the same quarter in the previous year, the business earned ($0.47) EPS. Seagen’s revenue was up 28.1% compared to the same quarter last year. As a group, equities research analysts forecast that Seagen will post -3.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Vaughn B. Himes sold 10,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $136.79, for a total value of $1,486,360.14. Following the transaction, the insider now directly owns 59,064 shares of the company’s stock, valued at approximately $8,079,364.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Charles R. Romp sold 333 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $134.21, for a total value of $44,691.93. Following the transaction, the executive vice president now directly owns 49,483 shares of the company’s stock, valued at approximately $6,641,113.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vaughn B. Himes sold 10,866 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $136.79, for a total value of $1,486,360.14. Following the completion of the transaction, the insider now directly owns 59,064 shares in the company, valued at $8,079,364.56. The disclosure for this sale can be found here. Insiders have sold 64,723 shares of company stock worth $10,216,702 in the last 90 days. Insiders own 27.30% of the company’s stock.

Hedge Funds Weigh In On Seagen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in shares of 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 buying an additional 137 shares during the period. EverSource Wealth Advisors LLC bought a new position in shares of Seagen during the 4th quarter valued at $32,000. Achmea Investment Management B.V. bought a new position in Seagen in the 1st quarter worth $33,000. Leverty Financial Group LLC bought a new position in Seagen in the 4th quarter worth $35,000. Finally, Covington Capital Management bought a new position in Seagen in the 2nd quarter worth $37,000. 90.37% of the stock is owned by institutional investors.

About Seagen

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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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