Edgestream Partners L.P. Invests $3.12 Million in Seagen Inc. (NASDAQ:SGEN)

Edgestream Partners L.P. purchased a new position in shares of Seagen Inc. (NASDAQ:SGEN) in the 2nd quarter, Holdings Channel reports. The firm purchased 19,739 shares of the biotechnology company’s stock, valued at approximately $3,116,000.

Several other institutional investors and hedge funds have also modified their holdings of SGEN. Exchange Traded Concepts LLC grew its stake in shares of Seagen by 3.7% in the second quarter. Exchange Traded Concepts LLC now owns 2,049 shares of the biotechnology company’s stock valued at $323,000 after buying an additional 74 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Seagen by 2.0% in the second quarter. Ameritas Investment Partners Inc. now owns 3,871 shares of the biotechnology company’s stock valued at $611,000 after buying an additional 75 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Seagen by 9.2% in the first quarter. Rockefeller Capital Management L.P. now owns 911 shares of the biotechnology company’s stock valued at $126,000 after buying an additional 77 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of Seagen by 0.7% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 12,286 shares of the biotechnology company’s stock valued at $1,706,000 after buying an additional 86 shares in the last quarter. Finally, IndexIQ Advisors LLC grew its stake in shares of Seagen by 4.1% in the second quarter. IndexIQ Advisors LLC now owns 2,189 shares of the biotechnology company’s stock valued at $346,000 after buying an additional 86 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Separately, Morgan Stanley cut their price target on Seagen from $173.00 to $167.00 and set an “equal weight” rating for the company in a report on Friday, July 16th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $184.75.

SGEN opened at $150.46 on Wednesday. The company has a market capitalization of $27.37 billion, a P/E ratio of 46.15 and a beta of 0.82. The stock has a fifty day moving average of $154.08 and a 200-day moving average of $150.42. Seagen Inc. has a fifty-two week low of $133.20 and a fifty-two week high of $213.94.

Seagen (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, July 29th. The biotechnology company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.14. The business had revenue of $388.48 million during the quarter, compared to the consensus estimate of $355.62 million. Seagen had a return on equity of 19.02% and a net margin of 25.06%. As a group, sell-side analysts expect that Seagen Inc. will post -2.33 EPS for the current year.

In other news, CEO Clay B. Siegall sold 14,294 shares of the business’s stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $169.05, for a total transaction of $2,416,400.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Vaughn B. Himes sold 6,000 shares of the business’s stock in a transaction dated Wednesday, September 8th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 122,534 shares of company stock valued at $19,967,680. 27.60% of the stock is owned by insiders.

About Seagen

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.

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Institutional Ownership by Quarter for Seagen (NASDAQ:SGEN)

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