Commerce Bank Reduces Stock Holdings in Seagen Inc. (NASDAQ:SGEN)

Commerce Bank reduced its stake in Seagen Inc. (NASDAQ:SGEN) by 27.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,991 shares of the biotechnology company’s stock after selling 1,497 shares during the period. Commerce Bank’s holdings in Seagen were worth $678,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. JustInvest LLC increased its stake in Seagen by 15.1% in the third quarter. JustInvest LLC now owns 3,408 shares of the biotechnology company’s stock valued at $579,000 after purchasing an additional 448 shares during the last quarter. Ieq Capital LLC purchased a new position in shares of Seagen during the third quarter worth approximately $229,000. Candriam Luxembourg S.C.A. grew its position in shares of Seagen by 5.3% during the third quarter. Candriam Luxembourg S.C.A. now owns 886,024 shares of the biotechnology company’s stock worth $150,440,000 after acquiring an additional 44,207 shares during the last quarter. TD Asset Management Inc. grew its position in shares of Seagen by 3.0% during the third quarter. TD Asset Management Inc. now owns 269,287 shares of the biotechnology company’s stock worth $45,725,000 after acquiring an additional 7,789 shares during the last quarter. Finally, JFS Wealth Advisors LLC purchased a new position in shares of Seagen during the third quarter worth approximately $104,000. Institutional investors own 88.95% of the company’s stock.

A number of equities analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Seagen from $167.00 to $181.00 and gave the stock an “equal weight” rating in a research report on Friday, October 29th. Piper Sandler raised their target price on shares of Seagen from $160.00 to $165.00 and gave the stock a “neutral” rating in a research report on Thursday, October 28th. Wolfe Research assumed coverage on shares of Seagen in a research report on Monday, November 8th. They set a “market perform” rating and a $195.00 target price on the stock. Zacks Investment Research lowered shares of Seagen from a “hold” rating to a “sell” rating and set a $188.00 target price on the stock. in a research report on Tuesday, November 2nd. Finally, Royal Bank of Canada increased their price target on Seagen from $148.00 to $154.00 and gave the stock a “sector perform” rating in a report on Monday, September 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $185.92.

In related news, Director Bros. Advisors Lp Baker sold 301,444 shares of Seagen stock in a transaction dated Tuesday, November 30th. The stock was sold at an average price of $160.33, for a total transaction of $48,330,516.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Todd E. Simpson sold 33,564 shares of Seagen stock in a transaction dated Friday, October 29th. The stock was sold at an average price of $180.00, for a total value of $6,041,520.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 490,179 shares of company stock valued at $80,054,761. Company insiders own 27.60% of the company’s stock.

Shares of SGEN stock opened at $137.09 on Friday. Seagen Inc. has a fifty-two week low of $133.20 and a fifty-two week high of $199.00. The stock has a market cap of $25.07 billion, a P/E ratio of -74.10 and a beta of 0.77. The business has a fifty day simple moving average of $159.52 and a 200-day simple moving average of $160.30.

Seagen (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, October 28th. The biotechnology company reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $424.60 million during the quarter, compared to analysts’ expectations of $384.83 million. During the same quarter in the prior year, the business earned $3.50 EPS. The company’s quarterly revenue was down 60.0% compared to the same quarter last year. Analysts forecast that Seagen Inc. will post -3.54 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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