Seagen Inc. (NASDAQ:SGEN) Shares Sold by Westpac Banking Corp

Westpac Banking Corp lowered its holdings in Seagen Inc. (NASDAQ:SGEN) by 98.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 864 shares of the biotechnology company’s stock after selling 47,880 shares during the period. Westpac Banking Corp’s holdings in Seagen were worth $166,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. KB Financial Partners LLC acquired a new position in shares of Seagen in the 1st quarter worth approximately $25,000. Private Trust Co. NA boosted its holdings in shares of Seagen by 87.1% in the second quarter. Private Trust Co. NA now owns 131 shares of the biotechnology company’s stock worth $25,000 after buying an additional 61 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Seagen by 61.6% in the first quarter. Parallel Advisors LLC now owns 181 shares of the biotechnology company’s stock worth $37,000 after buying an additional 69 shares during the period. Financial Gravity Asset Management Inc. acquired a new position in shares of Seagen in the second quarter worth about $375,000. Finally, Achmea Investment Management B.V. acquired a new position in shares of Seagen in the first quarter worth about $33,000. Institutional investors and hedge funds own 84.26% of the company’s stock.

Seagen Price Performance

Seagen stock opened at $212.00 on Friday. The stock’s 50 day moving average is $212.91 and its 200 day moving average is $202.23. The firm has a market cap of $39.79 billion, a P/E ratio of -52.87 and a beta of 0.35. Seagen Inc. has a one year low of $116.08 and a one year high of $217.51.

Seagen (NASDAQ:SGEN) last announced its quarterly earnings data on Wednesday, November 1st. The biotechnology company reported ($1.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.33). Seagen had a negative net margin of 32.61% and a negative return on equity of 28.06%. The firm had revenue of $648.65 million during the quarter, compared to analyst estimates of $635.10 million. During the same period last year, the business posted ($1.03) EPS. The company’s revenue was up 27.1% on a year-over-year basis. Equities analysts anticipate that Seagen Inc. will post -3.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Truist Financial reiterated a “hold” rating and issued a $229.00 target price on shares of Seagen in a report on Wednesday, October 18th. StockNews.com assumed coverage on shares of Seagen in a report on Sunday. They issued a “hold” rating for the company. TheStreet cut shares of Seagen from a “c-” rating to a “d+” rating in a report on Friday, November 3rd. Finally, Morgan Stanley restated an “equal weight” rating and set a $229.00 price target on shares of Seagen in a report on Thursday, August 3rd. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $193.00.

Insider Activity at Seagen

In related news, insider Vaughn B. Himes sold 371 shares of Seagen stock in a transaction on 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 owns 53,234 shares of the company’s stock, valued at approximately $10,966,204. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Seagen news, Director Daniel G. Welch sold 3,315 shares of Seagen stock in a transaction on Monday, August 28th. The shares were sold at an average price of $209.08, for a total transaction of $693,100.20. Following the transaction, the director now directly owns 6,794 shares of the company’s stock, valued at approximately $1,420,489.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vaughn B. Himes sold 371 shares of Seagen stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $206.00, for a total transaction of $76,426.00. Following the transaction, the insider now directly owns 53,234 shares in the company, valued at $10,966,204. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,512 shares of company stock valued at $8,912,670. 25.90% of the stock is owned by company insiders.

Seagen 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.