Seagen (NASDAQ:SGEN) Lowered to Market Perform at JMP Securities

JMP Securities downgraded shares of Seagen (NASDAQ:SGEN – Get Rating) from an outperform rating to a market perform rating in a research report report published on Tuesday morning, The Fly reports.

A number of other brokerages have also commented on SGEN. Evercore ISI raised shares of Seagen from an in-line rating to an outperform rating and upped their price objective for the company from $140.00 to $175.00 in a research report on Thursday, February 16th. Needham & Company LLC cut shares of Seagen from a buy rating to a hold rating in a research note on Monday. Morgan Stanley upped their target price on shares of Seagen from $170.00 to $173.00 and gave the company an overweight rating in a research note on Thursday, February 16th. BMO Capital Markets upped their target price on shares of Seagen from $177.00 to $179.00 and gave the company an outperform rating in a research note on Thursday, February 16th. Finally, Raymond James cut shares of Seagen from a strong-buy rating to a market perform rating in a research note on Monday. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $181.06.

Seagen Stock Performance

Shares of SGEN opened at $199.84 on Tuesday. The company has a 50-day simple moving average of $148.67 and a 200-day simple moving average of $139.02. The firm has a market capitalization of $37.33 billion, a P/E ratio of -60.56 and a beta of 0.53. Seagen has a 52 week low of $105.43 and a 52 week 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) EPS for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.22. The business had revenue of $528.20 million during the quarter, compared to analyst estimates of $479.81 million. Seagen had a negative net margin of 31.10% and a negative return on equity of 21.13%. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.95) earnings per share. As a group, equities analysts forecast that Seagen will post -2.99 earnings per share for the current year.

Insider Transactions at Seagen

In related news, insider Jean I. Liu sold 578 shares of the firm’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $130.71, for a total value of $75,550.38. Following the completion of the transaction, the insider now owns 85,113 shares of the company’s stock, valued at $11,125,120.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Charles R. Romp sold 1,129 shares of the firm’s stock in a transaction on Tuesday, December 20th. The shares were sold at an average price of $127.63, for a total value of $144,094.27. Following the completion of the transaction, the executive vice president now owns 58,475 shares of the company’s stock, valued at $7,463,164.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jean I. Liu sold 578 shares of the firm’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $130.71, for a total transaction of $75,550.38. Following the completion of the transaction, the insider now directly owns 85,113 shares of the company’s stock, valued at approximately $11,125,120.23. The disclosure for this sale can be found here. Insiders sold 137,254 shares of company stock valued at $22,351,263 over the last quarter. Corporate insiders own 27.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. AXA S.A. grew its position in shares of Seagen by 0.4% in the 3rd quarter. AXA S.A. now owns 107,173 shares of the biotechnology company’s stock valued at $14,665,000 after acquiring an additional 428 shares during the period. Gabelli Funds LLC bought a new position in shares of Seagen in the 3rd quarter valued at about $493,000. Great West Life Assurance Co. Can bought a new position in shares of Seagen in the 3rd quarter valued at about $9,500,000. Knights of Columbus Asset Advisors LLC grew its position in shares of Seagen by 12.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 15,790 shares of the biotechnology company’s stock valued at $2,161,000 after acquiring an additional 1,750 shares during the period. Finally, Ethic Inc. grew its position in shares of Seagen by 6.4% in the 3rd quarter. Ethic Inc. now owns 2,312 shares of the biotechnology company’s stock valued at $316,000 after acquiring an additional 140 shares during the period. Institutional investors own 86.25% of the company’s stock.

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.