Seagen Inc., a prominent biotechnology company known for its groundbreaking therapies aimed at combatting cancer, has recently caught the attention of Allspring Global Investments Holdings LLC. According to their latest disclosure filed with the Securities and Exchange Commission (SEC), Allspring Global Investments Holdings LLC has increased its holdings in Seagen Inc. by a modest 0.4% during the first quarter.
This noteworthy institutional investor now possesses 133,545 shares of Seagen’s stock, having acquired an additional 537 shares within the given period. The value of this investment amounts to a staggering $27,039,000, marking an ownership of approximately 0.07% of Seagen’s capital by Allspring Global Investments Holdings LLC.
Seagen Inc., headquartered in the United States but with a global presence, is renowned for developing and commercializing cutting-edge therapies specifically targeted at treating various forms of cancer. Among their notable developments are ADCETRIS and PADCEV, both antibody-drug conjugates (ADCs) that have demonstrated significant efficacy in patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas and advanced or metastatic urothelial cancer respectively.
Additionally, Seagen also boasts TUKYSA, an oral small molecule tyrosine kinase inhibitor designed to combat advanced unresectable or metastatic HER2-positive breast cancer in adult patients. With this diverse portfolio of groundbreaking treatments, Seagen remains at the forefront of revolutionizing cancer treatment options across the globe.
On Thursday, NASDAQ:SGEN opened trading at $193.87 per share. It is important to note that while Seagen’s stock price currently demonstrates substantial growth potential from its fifty-two week low of $116.08 to its fifty-two week high of $207.16, it may also be influenced by market volatility and other factors predicting future trends.
With a market cap amounting to an impressive $36.35 billion, Seagen Inc. occupies a prominent position within the biotechnology industry. The company’s outstanding performance is further evidenced by its price-to-earnings (PE) ratio of -55.55 and its relatively low beta of 0.53, indicating a lower level of volatility compared to the broader market.
Moreover, Seagen’s stable stock performance is reflected in its fifty-day simple moving average of $197.31 and its 200-day simple moving average of $173.70, reinforcing investor sentiment on the reliability and potential growth opportunities tied to this biotechnology firm.
In conclusion, Seagen Inc.’s partnership with Allspring Global Investments Holdings LLC signifies the growing recognition and interest from institutional investors in support of the company’s groundbreaking therapies for cancer treatment. With an extensive portfolio of innovative cancer-fighting drugs and impressive financial indicators, Seagen continues to captivate both medical professionals and investors alike in their ongoing quest to revolutionize cancer care worldwide.
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Growing Interest and Mixed Opinions: Recent Changes in Shareholder Positions, Analyst Ratings, and Insider Transactions of Seagen Inc., a Leading Biotechnology Company Specializing in Cancer Therapies
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”SGEN” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Seagen Inc., a leading biotechnology company that focuses on the development and commercialization of cancer therapies, has recently seen changes in its shareholder positions. Several institutional investors have made moves to acquire new positions in the company’s stock. OLD Mission Capital LLC acquired a new position valued at approximately $28,000, while Corrado Advisors LLC acquired a new position valued at approximately $32,000. Harvest Fund Management Co. Ltd also increased its holdings by 622.2% in the fourth quarter and now owns 260 shares of Seagen worth $33,000. Achmea Investment Management B.V. also acquired a new position for around $33,000, and True Wealth Design LLC purchased shares worth approximately $39,000 in the same period. It is worth noting that institutional investors and hedge funds currently own 81.88% of Seagen’s stock.
Analysts from various brokerages have also weighed in on Seagen’s performance lately. Oppenheimer raised their price objective from $210 to $229 and awarded the company an “outperform” rating in their report released on March 14th. SVB Securities increased their price target as well, going from $141 to $229 on the same date. However, JMP Securities downgraded Seagen’s rating from “outperform” to “market perform” in their March 14th report. Another brokerage firm, Barclays, raised its price target from $145 to $228 and assigned an “equal weight” rating to the stock on March 14th too. Lastly, Berenberg Bank lowered its rating from “buy” to “hold” in a research report dated March 24th.
Seagen Inc.’s primary focus is developing and commercializing therapeutic treatments for various types of cancer worldwide. The company offers ADCETRIS, an antibody-drug conjugate (ADC) that targets patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas. They also provide PADCEV, an ADC designed to treat adult patients with advanced or metastatic urothelial cancer targeting Nectin-4, and TUKYSA, an oral small molecule tyrosine kinase inhibitor that aids in treating HER2-positive breast cancer in adult patients.
Reviews of Seagen’s recent quarterly earnings reveal that the company reported earnings per share of ($0.93) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.11), according to their report on April 27th. Seagen’s return on equity was recorded at -23.00%, with a negative net margin of 31.55%. The company generated $519.70 million in revenue for the quarter, surpassing analyst estimates of $516.28 million. When compared to the same period last year, Seagen experienced a 21.9% increase in revenue during this quarter.
Recently, there have been key insider transactions involving Seagen stock. Vaughn B. Himes, an insider within the company, sold 16,215 shares on June 7th at an average price of $195.29 per share, resulting in a total transaction value of $3,166,627.35. Following this transaction, Himes now owns 43,837 shares valued at approximately $8,560,927.73 directly in the company’s stock as disclosed in a filing with the SEC available through their website.
Another noteworthy insider transaction involved CFO Todd E. Simpson who sold 55,344 shares of Seagen stock on April 10th at an average price of $204.58 per share, leading to a total transaction value of $11,32227552.In addition to these transactions earlier this year; it is crucial to mention that insiders have sold a total of 118802 shares valued at $24,(61),239 in the past ninety days. This equates to a 25.90% ownership by company insiders.
In conclusion, Seagen Inc. is a leading biotechnology company specializing in cancer therapies. Recent changes in institutional investor positions indicate growing interest and confidence in the company’s performance and potential. Analyst opinions have varied, although Seagen has received positive ratings alongside some downgrades. The company’s quarterly earnings suggest solid revenue growth despite a slight miss on EPS estimates. Lastly, insider transactions reveal active buying and selling of Seagen stock by key individuals within the company.
