Capital Research & Management Co recently announced the acquisition of new stake in Seagen Inc. (NASDAQ:SGEN). The institutional investor has increased its shareholding in the Healthcare company by 6.55% to 16.58 million shares with purchase of 1.02 million shares. This fresh investment now brings its stake to 8.88% valued currently at $2.98 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.28 million to 12.64 million shares. And Wellington Management Co. LLP has lifted its position by 0.40% or 39243.0 shares – to 9.88 million shares.
With over 2.77 million Seagen Inc. (SGEN) shares trading Tuesday and a closing price of $199.84 on the day, the dollar volume was approximately $552.7 million. The shares have shown a positive half year performance of 33.14% and its price on 03/14/23 gained nearly 1.11%. Currently, there are 186.11M common shares owned by the public and among those 183.63M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for SGEN have a consensus price objective of $194.47. The analysts have set the share’s price value over the next 12 months at a high of $229.00 and a low of $145.00. The average price target is -14.69% below its recent price level and a downside to the estimated low will see the stock lose -37.82% over that period. But an upside of 12.73% will see the stock hit the forecast high price target while median target price for the stock is $185.00.
Insiders at the company have transacted a total of 124 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 52 of these insider trades were purchases, accounting for 412,899 shares. Insider sales of the common stock occurred on 72 occasions, with total insider shares sold totaling 242,942 shares.
The top 3 mutual fund holders in Seagen Inc. are American Funds Growth Fund of Ame, Vanguard Health Care Fund, and American Funds New Perspective Fu. American Funds Growth Fund of Ame owns 7.68 million shares of the company’s stock, all valued at over $1.38 billion. The company bought an additional 0.67 million shares recently to bring their total holdings to about 4.11% of the shares outstanding. Vanguard Health Care Fund bought 0.15 million shares to see its total holdings expand to 4.58 million shares valued at over $823.65 million and representing 2.45% of the shares outstanding. American Funds New Perspective Fu bought 80400.0 shares to bring its total holdings to over 4.57 million shares at a value of $820.76 million. American Funds New Perspective Fu now owns shares totaling to 2.44% of the shares outstanding.
Shares of Seagen Inc. (NASDAQ: SGEN) opened at $199.00, up $1.35 from a prior closing price of $197.65. However, the script later moved the day high at 200.06, up 1.11%. The company’s stock has a 5-day price change of 12.59% and 61.16% over the past three months. SGEN shares are trading 55.51% year to date (YTD), with the 12-month market performance up to 44.84% higher. It has a 12-month low price of $105.43 and touched a high of $202.86 over the same period. SGEN has an average intraday trading volume of 1.28 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 19.05%, 35.10%, and 35.40% respectively.
Institutional ownership of Seagen Inc. (NASDAQ: SGEN) shares accounts for 89.30% of the company’s 186.11M shares outstanding. Mutual fund holders own 42.23%, while other institutional holders and individual stakeholders account for 47.71% and 26.25% respectively.
It has a market capitalization of $37.55B and a beta (3y monthly) value of 0.53. The earnings-per-share (ttm) stands at -$3.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.26% over the week and 2.95% over the month.
Analysts forecast that Seagen Inc. (SGEN) will achieve an EPS of -$1.04 for the current quarter, -$0.85 for the next quarter and -$2.56 for 2023. The lowest estimate earnings-per-share for the quarter is -$1.35 while analysts give the company a high EPS estimate of -$0.73. Comparatively, EPS for the current quarter was -$0.95 a year ago. Earnings per share for the fiscal year are expected to increase by 10.80%, and 80.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Seagen Inc. (SGEN) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 12 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SGEN, a number of firms have released research notes about the stock. Raymond James stated their Strong Buy rating for the stock in a research note on February 16, 2023, with the firm’s price target at $155-$175. Evercore ISI coverage for the Seagen Inc. (SGEN) stock in a research note released on February 16, 2023 offered a Outperform rating with a price target of $175. SVB Securities was of a view on February 06, 2023 that the stock is Market Perform, while Truist gave the stock Hold rating on November 21, 2022, issuing a price target of $135. BMO Capital Markets on their part issued Outperform rating on October 11, 2022.
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