Seagen (NASDAQ:SGEN) Given New $170.00 Price Target at Morgan Stanley

Seagen (NASDAQ:SGENGet Rating) had its price target trimmed by Morgan Stanley from $171.00 to $170.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

SGEN has been the topic of several other reports. Truist Financial started coverage on Seagen in a research note on Monday, November 21st. They issued a hold rating and a $135.00 price target on the stock. StockNews.com cut Seagen from a buy rating to a hold rating in a research note on Monday, October 31st. SVB Leerink upped their price target on Seagen from $160.00 to $162.00 and gave the stock an outperform rating in a research note on Friday, January 20th. Raymond James reduced their price target on Seagen from $220.00 to $155.00 and set an outperform rating on the stock in a research note on Friday, October 28th. Finally, JPMorgan Chase & Co. reduced their price target on Seagen from $194.00 to $155.00 and set an overweight rating on the stock in a research note on Monday, October 24th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Seagen currently has a consensus rating of Moderate Buy and a consensus price target of $160.72.

Seagen Stock Up 2.5 %

Shares of Seagen stock opened at $136.85 on Tuesday. The company has a market cap of $25.41 billion, a PE ratio of -39.67 and a beta of 0.55. The business has a 50 day moving average of $128.25 and a 200 day moving average of $143.10. Seagen has a 52 week low of $105.43 and a 52 week high of $183.00.

Seagen (NASDAQ:SGENGet Rating) last announced 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 business had revenue of $510.30 million for the quarter, compared to the consensus estimate of $469.25 million. Seagen had a negative net margin of 34.16% and a negative return on equity of 21.56%. On average, research analysts anticipate that Seagen will post -3.54 earnings per share for the current year.

Insider Activity

In other news, Director David W. Gryska sold 7,500 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $129.10, for a total transaction of $968,250.00. Following the transaction, the director now directly owns 40,253 shares of the company’s stock, valued at $5,196,662.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Seagen news, Director David W. Gryska sold 7,500 shares of the stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $129.10, for a total value of $968,250.00. Following the transaction, the director now owns 40,253 shares of the company’s stock, valued at $5,196,662.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Roger D. Dansey sold 10,000 shares of the stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $135.00, for a total value of $1,350,000.00. Following the completion of the transaction, the insider now directly owns 97,539 shares in the company, valued at approximately $13,167,765. The disclosure for this sale can be found here. Insiders have sold a total of 39,565 shares of company stock valued at $5,253,309 over the last ninety days. 27.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Seagen by 1.4% in the third quarter. Vanguard Group Inc. now owns 12,663,152 shares of the biotechnology company’s stock valued at $1,732,699,000 after acquiring an additional 170,001 shares during the period. BlackRock Inc. lifted its holdings in Seagen by 3.5% in the third quarter. BlackRock Inc. now owns 11,826,822 shares of the biotechnology company’s stock valued at $1,618,264,000 after acquiring an additional 394,562 shares during the period. State Street Corp raised its stake in shares of Seagen by 0.7% in the first quarter. State Street Corp now owns 3,525,411 shares of the biotechnology company’s stock worth $507,835,000 after buying an additional 24,853 shares during the period. FMR LLC raised its stake in shares of Seagen by 17.9% in the second quarter. FMR LLC now owns 2,671,697 shares of the biotechnology company’s stock worth $472,730,000 after buying an additional 405,593 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Seagen by 0.9% in the first quarter. Invesco Ltd. now owns 1,675,718 shares of the biotechnology company’s stock worth $241,386,000 after buying an additional 14,316 shares during the period. Institutional investors own 86.25% of the company’s stock.

About Seagen

(Get Rating)

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

Analyst Recommendations for Seagen (NASDAQ:SGEN)

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