Needham & Company LLC Downgrades Seagen (NASDAQ:SGEN) to Hold

Needham & Company LLC lowered shares of Seagen (NASDAQ:SGEN – Get Rating) from a buy rating to a hold rating in a report issued on Monday, The Fly reports.

Several other research firms have also recently weighed in on SGEN. SVB Leerink cut Seagen from an outperform rating to a market perform rating and reduced their price target for the stock from $162.00 to $141.00 in a report on Monday, February 6th. Raymond James cut Seagen from a strong-buy rating to a market perform rating in a report on Monday. Royal Bank of Canada boosted their price target on Seagen from $145.00 to $155.00 and gave the stock an outperform rating in a report on Thursday, February 16th. JMP Securities boosted their price target on Seagen from $142.00 to $168.00 and gave the stock a market outperform rating in a report on Friday, February 17th. Finally, TheStreet upgraded Seagen from a d+ rating to a c- rating in a report on Wednesday, February 22nd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $165.00.

Seagen Stock Up 14.5 %

SGEN stock opened at $197.65 on Monday. The company has a market cap of $36.92 billion, a PE ratio of -59.89 and a beta of 0.53. The business has a 50-day simple moving average of $148.67 and a 200 day simple moving average of $139.02. Seagen has a 52 week low of $105.43 and a 52 week high of $202.86.

Seagen (NASDAQ:SGEN – Get Rating) last released its earnings results on Wednesday, February 15th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.22. Seagen had a negative return on equity of 21.13% and a negative net margin of 31.10%. The firm had revenue of $528.20 million for the quarter, compared to analysts’ expectations of $479.81 million. During the same quarter in the previous year, the business posted ($0.95) earnings per share. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, analysts anticipate that Seagen will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling at Seagen

In other Seagen news, insider Roger D. Dansey sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $135.00, for a total value of $1,350,000.00. Following the transaction, the insider now directly owns 97,539 shares of the company’s stock, valued at $13,167,765. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Seagen news, EVP Charles R. Romp sold 1,129 shares of the business’s stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $127.63, for a total value of $144,094.27. Following the transaction, the executive vice president now directly owns 58,475 shares of the company’s stock, valued at $7,463,164.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Roger D. Dansey sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $135.00, for a total value of $1,350,000.00. Following the transaction, the insider now directly owns 97,539 shares in the company, valued at $13,167,765. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,254 shares of company stock valued at $23,701,263. 27.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seagen

Institutional investors have recently modified their holdings of the company. Guardian Wealth Advisors LLC acquired a new position in shares of Seagen during the third quarter worth approximately $26,000. OLD Mission Capital LLC acquired a new position in shares of Seagen during the fourth quarter worth approximately $28,000. Achmea Investment Management B.V. acquired a new position in shares of Seagen during the first quarter worth approximately $33,000. Corrado Advisors LLC acquired a new position in shares of Seagen during the fourth quarter worth approximately $32,000. Finally, Harvest Fund Management Co. Ltd raised its position in shares of Seagen by 622.2% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 260 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 224 shares during the period. 86.25% of the stock is owned by institutional investors and hedge funds.

Seagen Company Profile

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Seagen Inc is a biotechnology company, which engages in the development and commercialization of antibody-based therapies for the treatment of cancer. Its products include Adcetris and Padcev. The firm is also advancing a pipeline of novel therapies for solid tumors and blood-related cancers. The company was founded by Clay B.