Ethic Inc. Purchases 2,554 Shares of Seagen Inc. (NASDAQ:SGEN)

Ethic Inc. raised its stake in shares of Seagen Inc. (NASDAQ:SGEN) by 73.1% during the second quarter, HoldingsChannel reports. The firm owned 6,050 shares of the biotechnology company’s stock after purchasing an additional 2,554 shares during the quarter. Ethic Inc.’s holdings in Seagen were worth $955,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Redmile Group LLC purchased a new stake in Seagen during the first quarter worth $130,118,000. Point72 Asset Management L.P. purchased a new position in Seagen during the first quarter worth about $99,220,000. UBS Asset Management Americas Inc. boosted its stake in shares of Seagen by 209.0% in the first quarter. UBS Asset Management Americas Inc. now owns 966,114 shares of the biotechnology company’s stock valued at $134,155,000 after purchasing an additional 653,479 shares during the period. Renaissance Technologies LLC raised its holdings in Seagen by 278.1% during the first quarter. Renaissance Technologies LLC now owns 761,113 shares of the biotechnology company’s stock worth $105,688,000 after purchasing an additional 559,800 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in Seagen in the 1st quarter valued at $39,964,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ SGEN opened at $150.46 on Wednesday. The company has a 50 day simple moving average of $154.08 and a two-hundred day simple moving average of $150.42. Seagen Inc. has a fifty-two week low of $133.20 and a fifty-two week high of $213.94. The company has a market capitalization of $27.37 billion, a price-to-earnings ratio of 46.15 and a beta of 0.82.

Seagen (NASDAQ:SGEN) last announced its quarterly earnings results on Thursday, July 29th. The biotechnology company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.14. The company had revenue of $388.48 million for the quarter, compared to the consensus estimate of $355.62 million. Seagen had a net margin of 25.06% and a return on equity of 19.02%. As a group, research analysts forecast that Seagen Inc. will post -2.33 earnings per share for the current year.

Separately, Morgan Stanley dropped their target price on shares of Seagen from $173.00 to $167.00 and set an “equal weight” rating for the company in a research report on Friday, July 16th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $184.75.

In related news, insider Vaughn B. Himes sold 6,000 shares of the firm’s stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $150.00, for a total transaction of $900,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles R. Romp sold 703 shares of the firm’s stock in a transaction on Friday, July 2nd. The shares were sold at an average price of $158.41, for a total value of $111,362.23. The disclosure for this sale can be found here. Insiders have sold 122,534 shares of company stock worth $19,967,680 over the last three months. 27.60% of the stock is currently owned by insiders.

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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