208 Shares in Seagen Inc. (NASDAQ:SGEN) Acquired by Covington Capital Management

Covington Capital Management acquired a new position in Seagen Inc. (NASDAQ:SGENGet Rating) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 208 shares of the biotechnology company’s stock, valued at approximately $37,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Achmea Investment Management B.V. purchased a new stake in shares of Seagen in the first quarter worth approximately $33,000. BerganKDV Wealth Management LLC raised its stake in shares of Seagen by 256.6% in the first quarter. BerganKDV Wealth Management LLC now owns 271 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 195 shares during the last quarter. Focused Wealth Management Inc purchased a new stake in shares of Seagen in the first quarter worth approximately $65,000. Itau Unibanco Holding S.A. raised its stake in shares of Seagen by 83.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 513 shares of the biotechnology company’s stock worth $81,000 after purchasing an additional 233 shares during the last quarter. Finally, Alpha Paradigm Partners LLC purchased a new stake in shares of Seagen in the fourth quarter worth approximately $90,000. 88.21% of the stock is owned by hedge funds and other institutional investors.

Seagen Trading Down 1.8 %

Shares of NASDAQ SGEN opened at $139.42 on Tuesday. The stock has a fifty day simple moving average of $165.40 and a two-hundred day simple moving average of $152.91. Seagen Inc. has a 1-year low of $105.43 and a 1-year high of $192.79. The firm has a market cap of $25.71 billion, a price-to-earnings ratio of -34.60 and a beta of 0.62.

Seagen (NASDAQ:SGENGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The biotechnology company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.09. Seagen had a negative return on equity of 24.33% and a negative net margin of 41.61%. The business had revenue of $497.50 million during the quarter, compared to analyst estimates of $437.77 million. During the same period in the prior year, the company earned ($0.47) earnings per share. Seagen’s revenue was up 28.1% compared to the same quarter last year. Analysts forecast that Seagen Inc. will post -3.42 EPS for the current year.

Insider Transactions at Seagen

In other news, CFO Todd E. Simpson sold 1,967 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $170.22, for a total value of $334,822.74. Following the completion of the transaction, the chief financial officer now directly owns 141,371 shares of the company’s stock, valued at $24,064,171.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Roger D. Dansey sold 4,254 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $170.22, for a total value of $724,115.88. Following the sale, the chief executive officer now owns 102,558 shares in the company, valued at $17,457,422.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd E. Simpson sold 1,967 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $170.22, for a total value 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 disclosure for this sale can be found here. Insiders sold 44,972 shares of company stock valued at $8,000,443 over the last three months. Company insiders own 27.30% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on SGEN shares. Needham & Company LLC increased their price objective on Seagen from $180.00 to $188.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Royal Bank of Canada raised Seagen from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $179.00 to $188.00 in a research report on Monday, August 15th. JMP Securities increased their price target on Seagen from $157.00 to $196.00 and gave the company a “market outperform” rating in a research report on Friday, July 8th. Raymond James assumed coverage on Seagen in a research report on Wednesday, June 29th. They set an “outperform” rating and a $220.00 price target for the company. Finally, Morgan Stanley increased their price target on Seagen from $180.00 to $181.00 and gave the company an “overweight” rating in a research report on Friday, July 29th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.36.

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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Institutional Ownership by Quarter for Seagen (NASDAQ:SGEN)

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