Lake Street Financial LLC recently announced its acquisition of a new stake in Seagen Inc. The Seattle-based biotech company develops and commercializes therapies for the treatment of cancer in the United States and internationally. The acquisition of 2,360 shares of SGEN stock is valued at approximately $478,000.
What makes Seagen Inc an attractive option for investors is its flagship products – ADCETRIS, PADCEV and TUKYSA- which target different types of cancer. ADCETRIS is an antibody-drug conjugate used for treating patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas. PADCEV targets Nectin-4, and it’s used to treat advanced or metastatic urothelial cancer patients whereas TUKYSA inhibits the growth of receptor proteins in breast cancer cells.
Several market analysts reviewed SGEN shares recently. Guggenheim reiterated a ‘Buy’ rating while giving a price target of $170 per share on 28th February; however, Berenberg Bank lowered its rating for Seagen from ‘Buy’ to ‘Hold’ on 24th March. Raymond James initiated coverage by lowering Seagen from a “strong-buy” rating to a “market perform” rating on March 13th, whereas Stifel Nicolaus raised their price objective on Seagen’s shares from $157.00 to $229.00 in April this year.
At present, Bloomberg data suggests that twelve research analysts have rated SGEN as ‘Hold’, while six have rated the company’s shares as ‘Buy’. The consensus rating averages out at ‘Hold,’ with an average price target of about $190 per share.
It appears as though Lake Street Financial LLC has made an astute move by purchasing a new stake in Seagen Inc., one that could pay off hugely thanks to the company’s innovative treatments for various types of cancer. With market analysts divided on this stock, only time will tell if investors receive the full benefit of Seagen’s potential.
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Seagen Inc: Institutional Investors Strengthen Positions Despite Insider Selling and Earnings Dip
Seagen Inc, a renowned biotechnology company, has recently witnessed some interesting activity in the stock market. Several institutional investors and hedge funds have bought and sold shares of the company. Gabelli Funds LLC, one of those institutions, bought a new position in shares of Seagen worth approximately $493,000 in the third quarter. Additionally, Assetmark Inc., Engineers Gate Manager LP, Ethic Inc., and Deutsche Bank AG grew their holdings in shares of Seagen, bolstering their positions as stakeholders.
Furthermore, it is notable that 81.88% of Seagen’s stock is currently owned by institutional investors. This news comes at an interesting time as Seagen’s CFO Todd E. Simpson was seen selling 243 shares of the business’s stock on Thursday, April 6th for a total transaction of $50,023.98 at an average price of $205.86 per share. On completion of this transaction, Simpson now directly owns 118,946 shares in Seagen with a value of about $24,486,223.56.
Adding to the recent selling spree by insiders at Seagen was insider Vaughn B. Himes selling 16,215 shares on Wednesday June 7th for an average price of $195.29 per share equating to a total transaction value of around $3,166,627.35.Himes now directly holds43 837shares in the company worth approximately $8 560 927 after this sale.
Seagen Inc develops and commercializes cancer therapies using techniques like antibody-drug conjugates (ADCs) across America and worldwide including ADCETRIS and TUKYSA targeting specific biological pathways related to cancer cells’ growth.
Seagen’s stocks opened at $196.54 on Tuesday,having experienced moderate shifts previously fluctuated between a high expected to be $207·16and low being around $116·08,a volatility which analysts have now come to expect. The company’s performance and stock value were particularly under observation after the biotechnology company announced its quarterly earnings data on Thursday, April 27th. The quarter’s earnings report showcased that Seagen had missed analysts’ consensus estimates of ($0.82) reporting ($0.93) earnings per share (EPS). However, it was found that the company’s revenue for the quarter amounted to $519.70 million – higher than the forecasted $516.28 million, and Seagen’s revenue reported growth of 21.9% compared to same quarter sales from last year.
Despite their recent dip in earnings, analysts predict that, on average, Seagen Inc will post a negative EPS of -2.95 by year-end. With several institutional investors taking advantage of the current market conditions and strengthening their positions within the company while insiders selling off stocks keeping some deciding factors in play when making an investment decision matters.
In conclusion given this background information investors should keep a close eye on developments with Seagen Inc., paying close attention to research indicators to make informed move.Choosingan investment strategy suitable for your personal needs is essential in sound financial planning.However,present market fluctuation serve as reminders to exercise caution even when advancing a recommended stock suggestion.Always conduct thorough investigations prefacing entering into any such transaction always knowif there are any inherent or foreseeable risks your could be faced before making any final decisions.Wise choices coupled with careful strategizing are key requisites for shrewd investmentsbe they large or small exchanges.