DnB Asset Management AS Boosts Position in Seagen Inc. (NASDAQ:SGEN)

DnB Asset Management AS boosted its position in shares of Seagen Inc. (NASDAQ:SGENGet Rating) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,768 shares of the biotechnology company’s stock after purchasing an additional 144 shares during the quarter. DnB Asset Management AS’s holdings in Seagen were worth $4,206,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Achmea Investment Management B.V. purchased a new stake in Seagen during the first quarter worth $33,000. BerganKDV Wealth Management LLC boosted its position in Seagen by 256.6% during 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 in the last quarter. Focused Wealth Management Inc purchased a new stake in Seagen during the first quarter worth $65,000. Itau Unibanco Holding S.A. boosted its position in Seagen by 83.2% during 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 in the last quarter. Finally, Alpha Paradigm Partners LLC purchased a new stake in shares of Seagen in the fourth quarter valued at $90,000. 88.21% of the stock is currently owned by hedge funds and other institutional investors.

Seagen Price Performance

Shares of NASDAQ:SGEN opened at $139.42 on Tuesday. The firm has a market capitalization of $25.71 billion, a PE ratio of -34.60 and a beta of 0.62. The business has a 50-day moving average of $165.40 and a two-hundred day moving average of $152.91. Seagen Inc. has a 12 month low of $105.43 and a 12 month high of $192.79.

Seagen (NASDAQ:SGENGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The biotechnology company reported ($0.73) EPS for the quarter, topping 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 company 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 firm posted ($0.47) earnings per share. The firm’s revenue was up 28.1% on a year-over-year basis. As a group, research analysts anticipate that Seagen Inc. will post -3.42 earnings per share for the current year.

Insider Activity

In other news, CEO Roger D. Dansey sold 4,254 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $170.22, for a total value of $724,115.88. Following the completion of the sale, the chief executive officer now owns 102,558 shares in the company, valued at $17,457,422.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Roger D. Dansey sold 4,254 shares of the stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $170.22, for a total value of $724,115.88. Following the completion of the sale, the chief executive officer now owns 102,558 shares in the company, valued at $17,457,422.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $334,822.74. Following the completion of the sale, the chief financial officer now owns 141,371 shares of the company’s stock, valued at approximately $24,064,171.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,972 shares of company stock worth $8,000,443. 27.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

SGEN has been the topic of several recent research reports. BMO Capital Markets initiated coverage on Seagen in a research report on Thursday, June 23rd. They issued a “market perform” rating and a $169.00 price objective on the stock. Royal Bank of Canada upgraded Seagen from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $179.00 to $188.00 in a research report on Monday, August 15th. StockNews.com upgraded Seagen from a “hold” rating to a “buy” rating in a research report on Friday, August 5th. HC Wainwright upped their price objective on Seagen from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. Finally, Guggenheim set a $204.00 target price on Seagen in a research report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $180.36.

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.

See Also

Institutional Ownership by Quarter for Seagen (NASDAQ:SGEN)

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