Seagen (NASDAQ:SGEN) Lowered to Market Perform at Raymond James

Raymond James lowered shares of Seagen (NASDAQ:SGEN – Get Rating) from a strong-buy rating to a market perform rating in a report issued on Monday morning, The Fly reports.

Several other equities analysts have also commented on SGEN. SVB Leerink lowered shares of Seagen from an outperform rating to a market perform rating and dropped their price target for the stock from $162.00 to $141.00 in a research report on Monday, February 6th. TheStreet raised shares of Seagen from a d+ rating to a c- rating in a research report on Wednesday, February 22nd. BMO Capital Markets upped their price target on shares of Seagen from $177.00 to $179.00 and gave the stock an outperform rating in a research report on Thursday, February 16th. JPMorgan Chase & Co. dropped their price target on shares of Seagen from $154.00 to $150.00 and set an overweight rating for the company in a research report on Monday, February 13th. Finally, JMP Securities upped their price target on shares of Seagen from $142.00 to $168.00 and gave the stock a market outperform rating in a research report on Friday, February 17th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $165.00.

Seagen Stock Performance

Shares of SGEN opened at $197.65 on Monday. The company has a market capitalization of $36.92 billion, a price-to-earnings ratio of -59.89 and a beta of 0.53. The company’s 50 day simple moving average is $148.67 and its 200 day simple moving average is $139.02. Seagen has a 1 year low of $105.43 and a 1 year high of $202.86.

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

Insider Activity at Seagen

In related news, CFO Todd E. Simpson sold 39,946 shares of the firm’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $160.00, for a total transaction of $6,391,360.00. Following the completion of the sale, the chief financial officer now directly owns 137,185 shares of the company’s stock, valued at approximately $21,949,600. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Seagen news, insider Roger D. Dansey sold 10,000 shares of the stock in a transaction on Wednesday, December 14th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Todd E. Simpson sold 39,946 shares of the stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $160.00, for a total transaction of $6,391,360.00. Following the transaction, the chief financial officer now owns 137,185 shares in the company, valued at $21,949,600. The disclosure for this sale can be found here. In the last three months, insiders sold 147,254 shares of company stock valued at $23,701,263. Corporate insiders own 27.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Guardian Wealth Advisors LLC bought a new position in Seagen during the 3rd quarter valued at $26,000. OLD Mission Capital LLC bought a new position in shares of Seagen in the 4th quarter worth about $28,000. Corrado Advisors LLC bought a new position in shares of Seagen in the 4th quarter worth about $32,000. Harvest Fund Management Co. Ltd lifted its position in shares of Seagen by 622.2% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 260 shares of the biotechnology company’s stock worth $33,000 after buying an additional 224 shares during the last quarter. Finally, Achmea Investment Management B.V. bought a new position in shares of Seagen in the 1st quarter worth about $33,000. 86.25% of the stock is currently owned by institutional investors.

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.