Prudential Financial Inc. Reduces Stock Position in Seagen Inc. (NASDAQ:SGEN)

Prudential Financial Inc. decreased its stake in Seagen Inc. (NASDAQ:SGEN) by 87.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,325 shares of the biotechnology company’s stock after selling 43,872 shares during the quarter. Prudential Financial Inc.’s holdings in Seagen were worth $999,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. KB Financial Partners LLC acquired a new position in Seagen in the 1st quarter worth about $32,000. AllSquare Wealth Management LLC raised its holdings in Seagen by 56.3% in the 2nd quarter. AllSquare Wealth Management LLC now owns 200 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 72 shares during the period. Berman Capital Advisors LLC raised its holdings in Seagen by 39.3% in the 2nd quarter. Berman Capital Advisors LLC now owns 443 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 125 shares during the period. Newfound Research LLC raised its holdings in Seagen by 65.2% in the 2nd quarter. Newfound Research LLC now owns 555 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 219 shares during the period. Finally, Alpha Paradigm Partners LLC raised its holdings in Seagen by 751.9% in the 2nd quarter. Alpha Paradigm Partners LLC now owns 903 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 797 shares during the period. Hedge funds and other institutional investors own 88.09% of the company’s stock.

In related news, CEO Clay B. Siegall sold 35,706 shares of the stock in a transaction that occurred on Monday, August 30th. The stock was sold at an average price of $166.86, for a total value of $5,957,903.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Clay B. Siegall sold 14,294 shares of the stock in a transaction that occurred on Friday, August 27th. The stock was sold at an average price of $169.05, for a total value of $2,416,400.70. The disclosure for this sale can be found here. Insiders sold 182,918 shares of company stock valued at $32,069,325 over the last quarter. 27.60% of the stock is currently owned by company insiders.

A number of equities analysts recently weighed in on SGEN shares. Piper Sandler upped their price target on Seagen from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Thursday, October 28th. Morgan Stanley increased their target price on Seagen from $167.00 to $181.00 and gave the company an “equal weight” rating in a report on Friday, October 29th. Royal Bank of Canada increased their target price on Seagen from $148.00 to $154.00 and gave the company a “sector perform” rating in a report on Monday, September 27th. Zacks Investment Research cut Seagen from a “hold” rating to a “sell” rating and set a $188.00 target price for the company. in a report on Tuesday, November 2nd. Finally, Oppenheimer increased their target price on Seagen from $196.00 to $198.00 and gave the company an “outperform” rating in a report on Friday, October 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Seagen presently has an average rating of “Hold” and a consensus price target of $184.67.

NASDAQ:SGEN opened at $173.20 on Thursday. Seagen Inc. has a one year low of $133.20 and a one year high of $202.60. The stock has a market cap of $31.67 billion, a PE ratio of -93.62 and a beta of 0.80. The stock has a 50 day moving average price of $173.24 and a 200 day moving average price of $160.43.

Seagen (NASDAQ:SGEN) last posted its quarterly earnings results on Thursday, October 28th. The biotechnology company reported ($1.61) EPS for the quarter, missing the consensus estimate of ($0.56) by ($1.05). Seagen had a negative net margin of 19.06% and a negative return on equity of 9.88%. The company had revenue of $424.60 million during the quarter, compared to analyst estimates of $384.83 million. During the same period in the prior year, the business posted $3.50 EPS. Seagen’s revenue for the quarter was down 60.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Seagen Inc. will post -3.56 EPS for the current year.

Seagen Company Profile

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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