200,000 Shares in Seagen Inc. (NASDAQ:SGEN) Purchased by Boxer Capital LLC

Boxer Capital LLC acquired a new position in Seagen Inc. (NASDAQ:SGEN) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 200,000 shares of the biotechnology company’s stock, valued at approximately $40,494,000. Seagen comprises about 2.0% of Boxer Capital LLC’s portfolio, making the stock its 13th biggest position. Boxer Capital LLC owned about 0.11% of Seagen as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SGEN. Partners Capital Investment Group LLP bought a new position in Seagen in the 1st quarter worth about $6,472,000. Fiduciary Trust Co. bought a new position in Seagen in the 1st quarter worth about $252,000. Nomura Holdings Inc. bought a new position in Seagen in the 1st quarter worth about $1,164,000. Peapack Gladstone Financial Corp bought a new position in Seagen in the 1st quarter worth about $278,000. Finally, Affinity Asset Advisors LLC boosted its stake in Seagen by 300.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 20,000 shares of the biotechnology company’s stock worth $4,049,000 after purchasing an additional 15,000 shares during the period. Hedge funds and other institutional investors own 84.26% of the company’s stock.

Seagen Price Performance

Shares of Seagen stock opened at $208.13 on Tuesday. The business’s 50 day simple moving average is $197.06 and its two-hundred day simple moving average is $196.48. The stock has a market capitalization of $39.07 billion, a P/E ratio of -53.50 and a beta of 0.48. Seagen Inc. has a one year low of $116.08 and a one year high of $210.50.

Seagen (NASDAQ:SGEN) last announced its quarterly earnings results on Wednesday, August 2nd. The biotechnology company reported ($1.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.35). The company had revenue of $603.83 million during the quarter, compared to analysts’ expectations of $555.68 million. Seagen had a negative return on equity of 26.46% and a negative net margin of 33.54%. Sell-side analysts expect that Seagen Inc. will post -3.4 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Daniel G. Welch sold 3,315 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $209.08, for a total transaction of $693,100.20. Following the transaction, the director now directly owns 6,794 shares of the company’s stock, valued at $1,420,489.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Daniel G. Welch sold 3,315 shares of Seagen stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $209.08, for a total transaction of $693,100.20. Following the sale, the director now directly owns 6,794 shares in the company, valued at $1,420,489.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Charles R. Romp sold 708 shares of Seagen stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $192.46, for a total value of $136,261.68. Following the sale, the executive vice president now owns 59,069 shares in the company, valued at $11,368,419.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,619 shares of company stock valued at $4,872,275. Company insiders own 25.90% of the company’s stock.

Wall Street Analyst Weigh In

SGEN has been the subject of several analyst reports. StockNews.com initiated coverage on Seagen in a research note on Friday. They issued a “hold” rating for the company. Morgan Stanley reiterated an “equal weight” rating and set a $229.00 price target on shares of Seagen in a research report on Thursday, August 3rd. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Seagen currently has a consensus rating of “Hold” and a consensus target price of $190.47.

About Seagen

Seagen Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. It 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 adult patients with 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.