Seagen (NASDAQ:SGEN) Price Target Lowered to $190.00 at SVB Leerink

Seagen (NASDAQ:SGEN) had its price objective cut by equities research analysts at SVB Leerink from $192.00 to $190.00 in a research report issued to clients and investors on Wednesday, Price Targets.com reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. SVB Leerink’s price target would suggest a potential upside of 14.31% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of Seagen from $173.00 to $167.00 and set an “equal weight” rating for the company in a research report on Friday, July 16th. Piper Sandler reiterated a “hold” rating and issued a $160.00 target price on shares of Seagen in a research note on Monday. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Seagen presently has an average rating of “Buy” and a consensus price target of $186.36.

Shares of NASDAQ SGEN opened at $166.22 on Wednesday. The firm’s 50-day moving average price is $156.04 and its 200-day moving average price is $150.92. Seagen has a 1-year low of $133.20 and a 1-year high of $213.94. The firm has a market capitalization of $30.24 billion, a P/E ratio of 50.99 and a beta of 0.82.

Seagen (NASDAQ:SGEN) last issued its quarterly earnings data on Thursday, July 29th. The biotechnology company reported ($0.47) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.61) by $0.14. Seagen had a net margin of 25.06% and a return on equity of 19.02%. The business had revenue of $388.48 million during the quarter, compared to the consensus estimate of $355.62 million. Sell-side analysts forecast that Seagen will post -2.33 earnings per share for the current fiscal year.

In other Seagen news, EVP Charles R. Romp sold 703 shares of the stock in a transaction that occurred on Friday, July 2nd. The shares were sold at an average price of $158.41, for a total value of $111,362.23. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Vaughn B. Himes sold 6,000 shares of the stock in a transaction that occurred on Wednesday, September 8th. The stock was sold at an average price of $150.00, for a total transaction of $900,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 122,534 shares of company stock worth $19,967,680 over the last 90 days. 27.60% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Seagen by 11.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 192,129 shares of the biotechnology company’s stock worth $14,072,000 after buying an additional 19,394 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Seagen by 9.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,057 shares of the biotechnology company’s stock worth $45,738,000 after buying an additional 23,068 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Seagen by 44.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 39,706 shares of the biotechnology company’s stock worth $5,514,000 after buying an additional 12,195 shares during the last quarter. Standard Life Aberdeen plc increased its holdings in shares of Seagen by 3.2% in the 1st quarter. Standard Life Aberdeen plc now owns 13,241 shares of the biotechnology company’s stock worth $1,839,000 after buying an additional 408 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Seagen by 18.6% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 29,732 shares of the biotechnology company’s stock worth $4,129,000 after buying an additional 4,668 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

About Seagen

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.

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