Raymond James Financial Services Advisors Inc. Lowers Stock Holdings in Seagen Inc. (NASDAQ:SGEN)

Raymond James Financial Services Advisors Inc. trimmed its holdings in Seagen Inc. (NASDAQ:SGENGet Rating) by 9.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,130 shares of the biotechnology company’s stock after selling 1,052 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Seagen were worth $1,386,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its position in shares of Seagen by 1,053.8% in the second quarter. Allworth Financial LP now owns 150 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 137 shares during the last quarter. Glassman Wealth Services grew its stake in shares of Seagen by 80.6% during the 2nd quarter. Glassman Wealth Services now owns 177 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 79 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Seagen by 1,615.4% during the 2nd quarter. First Horizon Advisors Inc. now owns 223 shares of the biotechnology company’s stock worth $38,000 after buying an additional 210 shares during the last quarter. Achmea Investment Management B.V. purchased a new position in shares of Seagen in the 1st quarter worth $33,000. Finally, Venture Visionary Partners LLC acquired a new position in Seagen in the second quarter valued at $46,000. Hedge funds and other institutional investors own 86.25% of the company’s stock.

Seagen Stock Performance

Shares of Seagen stock opened at $132.00 on Friday. Seagen Inc. has a 1 year low of $105.43 and a 1 year high of $183.00. The firm’s 50-day simple moving average is $128.16 and its 200-day simple moving average is $144.48. The firm has a market cap of $24.51 billion, a PE ratio of -38.26 and a beta of 0.55.

Seagen (NASDAQ:SGENGet Rating) last released its earnings results on Thursday, October 27th. The biotechnology company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.11). The firm had revenue of $510.30 million for the quarter, compared to the consensus estimate of $469.25 million. Seagen had a negative return on equity of 21.56% and a negative net margin of 34.16%. On average, equities analysts predict that Seagen Inc. will post -3.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SGEN shares. Oppenheimer cut their price objective on Seagen from $208.00 to $188.00 and set an “outperform” rating on the stock in a report on Friday, October 28th. Royal Bank of Canada decreased their price objective on shares of Seagen from $185.00 to $178.00 and set an “outperform” rating for the company in a research note on Friday, October 28th. HC Wainwright cut their target price on shares of Seagen from $200.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, October 28th. Raymond James decreased their price target on shares of Seagen from $220.00 to $155.00 and set an “outperform” rating for the company in a research report on Friday, October 28th. Finally, BMO Capital Markets raised Seagen from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $177.00 to $178.00 in a research report on Tuesday, October 11th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $160.67.

Insider Buying and Selling at Seagen

In other news, insider Jean I. Liu sold 578 shares of Seagen stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $130.71, for a total value of $75,550.38. Following the completion of the transaction, the insider now directly owns 85,113 shares of the company’s stock, valued at approximately $11,125,120.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Seagen news, insider Jean I. Liu sold 578 shares of Seagen stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $130.71, for a total value of $75,550.38. Following the completion of the transaction, the insider now directly owns 85,113 shares in the company, valued at $11,125,120.23. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Roger D. Dansey sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, January 5th. The shares were sold at an average price of $135.00, for a total value of $1,012,500.00. Following the transaction, the chief marketing officer now owns 97,539 shares of the company’s stock, valued at approximately $13,167,765. The disclosure for this sale can be found here. Insiders sold a total of 39,565 shares of company stock worth $5,253,309 over the last 90 days. Insiders own 27.30% of the company’s stock.

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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