abrdn plc Cuts Stock Holdings in Seagen Inc. (NASDAQ:SGEN)

abrdn plc lowered its stake in Seagen Inc. (NASDAQ:SGEN) by 17.1% during the 2nd quarter, Holdings Channel reports. The firm owned 10,982 shares of the biotechnology company’s stock after selling 2,259 shares during the quarter. abrdn plc’s holdings in Seagen were worth $1,734,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in shares of Seagen by 0.4% during the first quarter. BlackRock Inc. now owns 12,569,833 shares of the biotechnology company’s stock valued at $1,745,448,000 after purchasing an additional 49,754 shares in the last quarter. Geode Capital Management LLC increased its stake in Seagen by 5.2% in the 1st quarter. Geode Capital Management LLC now owns 1,566,964 shares of the biotechnology company’s stock worth $217,297,000 after acquiring an additional 78,138 shares during the last quarter. Franklin Resources Inc. increased its stake in Seagen by 16.8% in the 1st quarter. Franklin Resources Inc. now owns 1,528,065 shares of the biotechnology company’s stock worth $212,299,000 after acquiring an additional 219,334 shares during the last quarter. Waddell & Reed Financial Inc. raised its holdings in shares of Seagen by 20.1% during the 1st quarter. Waddell & Reed Financial Inc. now owns 982,364 shares of the biotechnology company’s stock worth $136,411,000 after acquiring an additional 164,422 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Seagen by 209.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 966,114 shares of the biotechnology company’s stock valued at $134,155,000 after acquiring an additional 653,479 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Seagen stock opened at $161.34 on Friday. The firm has a market capitalization of $29.35 billion, a P/E ratio of 49.49 and a beta of 0.82. Seagen Inc. has a 1-year low of $133.20 and a 1-year high of $213.94. The company’s 50-day moving average is $156.34 and its 200 day moving average is $151.01.

Seagen (NASDAQ:SGEN) last released its earnings results on Thursday, July 29th. The biotechnology company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.14. Seagen had a return on equity of 19.02% and a net margin of 25.06%. The firm had revenue of $388.48 million for the quarter, compared to analysts’ expectations of $355.62 million. On average, equities analysts predict that Seagen Inc. will post -2.33 EPS for the current year.

In other Seagen news, CEO Clay B. Siegall sold 15,268 shares of the company’s stock in a transaction dated Friday, July 2nd. The shares were sold at an average price of $156.36, for a total value of $2,387,304.48. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Vaughn B. Himes sold 6,000 shares of Seagen stock in a transaction that occurred on Wednesday, September 8th. The shares were sold at an average price of $150.00, for a total transaction of $900,000.00. The disclosure for this sale can be found here. Insiders sold a total of 122,534 shares of company stock worth $19,967,680 in the last ninety days. 27.60% of the stock is currently owned by corporate insiders.

A number of research firms recently issued reports on SGEN. Morgan Stanley decreased their price target on shares of Seagen from $173.00 to $167.00 and set an “equal weight” rating on the stock in a research note on Friday, July 16th. Piper Sandler restated a “hold” rating and set a $160.00 target price on shares of Seagen in a research report on Monday, September 20th. Finally, SVB Leerink lowered their price target on shares of Seagen from $192.00 to $190.00 and set an “outperform” rating for the company in a report on Wednesday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $186.36.

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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