BNP Paribas Arbitrage SNC Acquires New Position in Seagen Inc. (NASDAQ:SGEN)

BNP Paribas Arbitrage SNC bought a new position in shares of Seagen Inc. (NASDAQ:SGEN – Get Rating) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 124,742 shares of the biotechnology company’s stock, valued at approximately $17,068,000. BNP Paribas Arbitrage SNC owned about 0.07% of Seagen as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SGEN. FMR LLC grew its stake in shares of Seagen by 17.9% during the second quarter. FMR LLC now owns 2,671,697 shares of the biotechnology company’s stock worth $472,730,000 after buying an additional 405,593 shares during the last quarter. BlackRock Inc. grew its stake in shares of Seagen by 3.5% during the third quarter. BlackRock Inc. now owns 11,826,822 shares of the biotechnology company’s stock worth $1,618,264,000 after buying an additional 394,562 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Seagen by 695.6% during the third quarter. Renaissance Technologies LLC now owns 233,113 shares of the biotechnology company’s stock worth $31,897,000 after buying an additional 203,813 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Seagen by 1.4% during the third quarter. Vanguard Group Inc. now owns 12,663,152 shares of the biotechnology company’s stock worth $1,732,699,000 after buying an additional 170,001 shares during the last quarter. Finally, International Biotechnology Trust PLC grew its stake in shares of Seagen by 1,331.9% during the third quarter. International Biotechnology Trust PLC now owns 166,200 shares of the biotechnology company’s stock worth $22,739,000 after buying an additional 154,593 shares during the last quarter. Institutional investors own 86.25% of the company’s stock.

Seagen Trading Up 1.1 %

Shares of NASDAQ SGEN opened at $199.84 on Wednesday. The firm’s 50-day moving average price is $148.67 and its 200-day moving average price is $139.02. Seagen Inc. has a 1-year low of $105.43 and a 1-year high of $202.86. The firm has a market capitalization of $37.33 billion, a P/E ratio of -60.56 and a beta of 0.53.

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

Insider Activity

In other news, CFO Todd E. Simpson sold 39,946 shares of the company’s stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Todd E. Simpson sold 39,946 shares of the company’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $160.00, for a total value of $6,391,360.00. Following the sale, the chief financial officer now owns 137,185 shares in the company, valued at approximately $21,949,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jean I. Liu sold 578 shares of the company’s stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $130.71, for a total transaction of $75,550.38. Following the completion of the sale, the insider now owns 85,113 shares in the company, valued at approximately $11,125,120.23. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 137,254 shares of company stock worth $22,351,263. Company insiders own 27.30% of the company’s stock.

Analyst Ratings Changes

SGEN has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Seagen from $170.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, February 16th. Guggenheim reissued a “buy” rating and issued a $170.00 price objective on shares of Seagen in a research note on Tuesday, February 28th. SVB Securities boosted their price objective on shares of Seagen from $141.00 to $229.00 in a research note on Tuesday. Oppenheimer boosted their price objective on shares of Seagen from $210.00 to $229.00 in a research note on Tuesday. Finally, Barclays boosted their price objective on shares of Seagen from $145.00 to $228.00 in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $181.06.

Seagen 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.