Seagen Inc. (NASDAQ:SGEN) Sees Large Drop in Short Interest

Seagen Inc. (NASDAQ:SGENGet Rating) saw a large drop in short interest in July. As of July 15th, there was short interest totalling 2,270,000 shares, a drop of 15.3% from the June 30th total of 2,680,000 shares. Based on an average trading volume of 1,450,000 shares, the days-to-cover ratio is currently 1.6 days.

Seagen Stock Performance

SGEN stock opened at $176.72 on Wednesday. The company has a market capitalization of $32.59 billion, a P/E ratio of -43.85 and a beta of 0.57. Seagen has a 52-week low of $105.43 and a 52-week high of $192.79. The business has a 50-day simple moving average of $162.75 and a two-hundred day simple moving average of $145.11.

Seagen (NASDAQ:SGENGet Rating) last released 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 24.05% and a negative net margin of 41.61%. The business had revenue of $497.50 million during 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. The company’s quarterly revenue was up 28.1% on a year-over-year basis. As a group, sell-side analysts forecast that Seagen will post -3.49 earnings per share for the current fiscal year.

Insider Activity at Seagen

In related news, insider Roger D. Dansey sold 34,635 shares of the firm’s stock in a transaction on Tuesday, June 28th. 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 owns 62,084 shares of the company’s stock, valued at approximately $11,175,120. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Roger D. Dansey sold 34,635 shares of the firm’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $180.00, for a total transaction of $6,234,300.00. Following the completion of the transaction, the insider now directly owns 62,084 shares of the company’s stock, valued at approximately $11,175,120. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles R. Romp sold 333 shares of the firm’s stock in a transaction 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 $6,641,113.43. The disclosure for this sale can be found here. Insiders have sold a total of 64,723 shares of company stock valued at $10,216,702 in the last 90 days. 27.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seagen

Hedge funds and other institutional investors have recently modified their holdings of the business. CIBC Asset Management Inc boosted its stake in shares of Seagen by 13.2% in the 4th quarter. CIBC Asset Management Inc now owns 27,800 shares of the biotechnology company’s stock worth $4,298,000 after buying an additional 3,246 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Seagen in the 4th quarter worth approximately $414,000. Mackenzie Financial Corp boosted its stake in shares of Seagen by 2.3% in the 4th quarter. Mackenzie Financial Corp now owns 87,014 shares of the biotechnology company’s stock worth $13,452,000 after buying an additional 1,991 shares during the last quarter. PDT Partners LLC purchased a new position in shares of Seagen in the 4th quarter worth approximately $417,000. Finally, Alpha Paradigm Partners LLC purchased a new position in shares of Seagen in the 4th quarter worth approximately $90,000. Hedge funds and other institutional investors own 90.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Oppenheimer lifted their price objective on Seagen from $160.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 21st. Royal Bank of Canada lifted their price objective on Seagen from $136.00 to $179.00 in a research report on Friday, July 29th. Guggenheim set a $204.00 price objective on Seagen in a research report on Tuesday, July 19th. Needham & Company LLC lifted their price objective on Seagen from $180.00 to $188.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. Finally, BMO Capital Markets assumed coverage on Seagen in a research report on Thursday, June 23rd. They issued a “market perform” rating and a $169.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Seagen presently has an average rating of “Moderate Buy” and an average target price of $179.64.

Seagen Company Profile

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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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