Intech Investment Management LLC increased its holdings in shares of Seagen Inc. (NASDAQ:SGEN – Free Report) by 45.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,586 shares of the biotechnology company’s stock after acquiring an additional 7,662 shares during the quarter. Intech Investment Management LLC’s holdings in Seagen were worth $4,732,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Resources Investment Advisors LLC. bought a new stake in Seagen during the first quarter worth $281,000. Handelsbanken Fonder AB raised its stake in shares of Seagen by 15.3% in the second quarter. Handelsbanken Fonder AB now owns 61,264 shares of the biotechnology company’s stock valued at $11,791,000 after buying an additional 8,149 shares during the period. New York Life Investment Management LLC bought a new stake in shares of Seagen in the first quarter valued at $2,927,000. Arizona State Retirement System raised its stake in shares of Seagen by 5.5% in the second quarter. Arizona State Retirement System now owns 40,114 shares of the biotechnology company’s stock valued at $7,720,000 after buying an additional 2,094 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Seagen by 8.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,684 shares of the biotechnology company’s stock valued at $5,200,000 after buying an additional 2,020 shares during the period. 84.26% of the stock is currently owned by institutional investors.
Insider Transactions at Seagen
In other news, insider Vaughn B. Himes sold 371 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $206.00, for a total value of $76,426.00. Following the completion of the transaction, the insider now directly owns 53,234 shares in the company, valued at approximately $10,966,204. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Vaughn B. Himes sold 1,795 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $206.97, for a total value of $371,511.15. Following the completion of the sale, the insider now owns 51,439 shares of the company’s stock, valued at approximately $10,646,329.83. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Vaughn B. Himes sold 371 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $206.00, for a total value of $76,426.00. Following the completion of the sale, the insider now directly owns 53,234 shares of the company’s stock, valued at approximately $10,966,204. The disclosure for this sale can be found here. In the last three months, insiders sold 42,512 shares of company stock worth $8,912,670. 25.90% of the stock is currently owned by corporate insiders.
Seagen Stock Performance
Seagen (NASDAQ:SGEN – Get Free Report) last posted its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.33). Seagen had a negative return on equity of 28.06% and a negative net margin of 32.61%. The firm had revenue of $648.65 million during the quarter, compared to analysts’ expectations of $635.10 million. During the same quarter in the previous year, the company posted ($1.03) earnings per share. Seagen’s revenue for the quarter was up 27.1% compared to the same quarter last year. Analysts forecast that Seagen Inc. will post -3.86 EPS for the current fiscal year.
Analyst Ratings Changes
SGEN has been the topic of several research reports. Truist Financial restated a “hold” rating and issued a $229.00 target price on shares of Seagen in a research note on Wednesday, October 18th. Morgan Stanley reiterated an “equal weight” rating and issued a $229.00 price target on shares of Seagen in a research report on Thursday, August 3rd. TheStreet cut Seagen from a “c-” rating to a “d+” rating in a research report on Friday, November 3rd. Finally, StockNews.com started coverage on Seagen in a research report on Saturday. They issued a “hold” rating for the company. Twelve analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Seagen presently has an average rating of “Hold” and a consensus target price of $193.00.
Seagen Company Profile
Seagen Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. It 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 adult patients with 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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