Seagen (NASDAQ:SGEN) PT Lowered to $170.00 at Morgan Stanley

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

SGEN has been the subject of a number of other reports. StockNews.com lowered Seagen from a buy rating to a hold rating in a research note on Monday, October 31st. JPMorgan Chase & Co. decreased their price target on Seagen from $194.00 to $155.00 and set an overweight rating for the company in a research note on Monday, October 24th. Oppenheimer decreased their price target on Seagen from $208.00 to $188.00 and set an outperform rating for the company in a research note on Friday, October 28th. Guggenheim decreased their price target on Seagen to $170.00 in a research note on Tuesday, November 1st. Finally, HC Wainwright decreased their price target on Seagen from $200.00 to $180.00 and set a buy rating for the company in a research note on Friday, October 28th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Seagen currently has a consensus rating of Moderate Buy and an average price target of $160.72.

Seagen Stock Performance

Shares of Seagen stock opened at $136.85 on Tuesday. The stock has a market cap of $25.41 billion, a price-to-earnings ratio of -39.67 and a beta of 0.55. The stock has a 50 day moving average price of $128.25 and a 200-day moving average price of $143.10. Seagen has a one year low of $105.43 and a one year 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 company had revenue of $510.30 million during the quarter, compared to analysts’ expectations of $469.25 million. Seagen had a negative return on equity of 21.56% and a negative net margin of 34.16%. Sell-side analysts predict that Seagen will post -3.54 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David W. Gryska sold 7,500 shares of Seagen stock in a transaction on 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 directly owns 40,253 shares in the company, valued at approximately $5,196,662.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Roger D. Dansey sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 14th. The stock was sold at an average price of $135.00, for a total transaction of $1,350,000.00. Following the transaction, the insider now directly owns 97,539 shares in the company, valued at approximately $13,167,765. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David W. Gryska sold 7,500 shares of the business’s stock in a transaction on 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 in the company, valued at $5,196,662.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,565 shares of company stock worth $5,253,309. 27.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Guardian Wealth Advisors LLC purchased a new position in Seagen during the 3rd quarter worth $26,000. Allworth Financial LP grew its stake in Seagen by 1,053.8% during the 2nd quarter. Allworth Financial LP now owns 150 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 137 shares during the last quarter. Glassman Wealth Services grew its stake in Seagen by 80.6% during the 2nd quarter. Glassman Wealth Services now owns 177 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 79 shares during the last quarter. Achmea Investment Management B.V. purchased a new stake in Seagen during the 1st quarter valued at about $33,000. Finally, Vigilant Capital Management LLC purchased a new stake in Seagen during the 3rd quarter valued at about $37,000. 86.25% of the stock is currently owned by hedge funds and other institutional investors.

About Seagen

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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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