Teachers Retirement System of The State of Kentucky Has $4.89 Million Stock Position in Seagen Inc. (NASDAQ:SGEN)

Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Seagen Inc. (NASDAQ:SGENGet Rating) by 55.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,959 shares of the biotechnology company’s stock after selling 41,693 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Seagen were worth $4,892,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SGEN. HighTower Advisors LLC increased its stake in shares of Seagen by 14.5% during the 4th quarter. HighTower Advisors LLC now owns 1,454 shares of the biotechnology company’s stock worth $225,000 after purchasing an additional 184 shares during the last quarter. Covestor Ltd bought a new stake in shares of Seagen during the 4th quarter worth $50,000. abrdn plc boosted its holdings in shares of Seagen by 4.9% during the 4th quarter. abrdn plc now owns 11,352 shares of the biotechnology company’s stock worth $1,755,000 after buying an additional 534 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Seagen by 16.4% during the 4th quarter. Allianz Asset Management GmbH now owns 166,530 shares of the biotechnology company’s stock worth $25,779,000 after buying an additional 23,480 shares during the period. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Seagen by 132.4% during the 4th quarter. Ensign Peak Advisors Inc now owns 17,353 shares of the biotechnology company’s stock worth $2,683,000 after buying an additional 9,885 shares during the period. Institutional investors and hedge funds own 88.21% of the company’s stock.

Seagen Stock Performance

NASDAQ:SGEN opened at $142.03 on Monday. The company has a 50-day moving average of $166.15 and a 200-day moving average of $152.86. The company has a market capitalization of $26.20 billion, a price-to-earnings ratio of -35.24 and a beta of 0.62. Seagen Inc. has a 52 week low of $105.43 and a 52 week high of $192.79.

Seagen (NASDAQ:SGENGet Rating) last released its quarterly earnings data on Thursday, July 28th. The biotechnology company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.09. The company had revenue of $497.50 million during the quarter, compared to the 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 firm’s revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.47) EPS. Sell-side analysts forecast that Seagen Inc. will post -3.42 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SGEN. BMO Capital Markets began coverage on shares of Seagen in a report on Thursday, June 23rd. They set a “market perform” rating and a $169.00 price objective for the company. SVB Leerink upped their price objective on shares of Seagen from $152.00 to $160.00 and gave the stock an “outperform” rating in a report on Tuesday, September 13th. Royal Bank of Canada raised shares of Seagen from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $179.00 to $188.00 in a report on Monday, August 15th. HC Wainwright increased their price target on shares of Seagen from $170.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 27th. Finally, StockNews.com raised shares of Seagen from a “hold” rating to a “buy” rating in a report on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $180.36.

Insider Buying and Selling

In related news, insider Roger D. Dansey sold 34,635 shares of the stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $180.00, for a total transaction of $6,234,300.00. Following the completion of the sale, the insider now owns 62,084 shares in the company, valued at approximately $11,175,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Todd E. Simpson sold 1,967 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $170.22, for a total transaction of $334,822.74. Following the completion of the sale, the chief financial officer now owns 141,371 shares in the company, valued at approximately $24,064,171.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Roger D. Dansey sold 34,635 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold 44,972 shares of company stock worth $8,000,443 in the last quarter. 27.30% of the stock is owned by corporate insiders.

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.

Further Reading

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Institutional Ownership by Quarter for Seagen (NASDAQ:SGEN)

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