Zacks: Brokerages Expect Seagen Inc. (NASDAQ:SGEN) Will Post Quarterly Sales of $355.47 Million

Equities research analysts expect Seagen Inc. (NASDAQ:SGEN) to announce $355.47 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Seagen’s earnings, with the highest sales estimate coming in at $365.78 million and the lowest estimate coming in at $350.08 million. Seagen reported sales of $278.00 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 27.9%. The company is scheduled to announce its next earnings report on Thursday, July 29th.

On average, analysts expect that Seagen will report full-year sales of $1.47 billion for the current fiscal year, with estimates ranging from $1.45 billion to $1.49 billion. For the next financial year, analysts expect that the company will post sales of $2.29 billion, with estimates ranging from $1.75 billion to $2.78 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Seagen.

Seagen (NASDAQ:SGEN) last posted its quarterly earnings data on Thursday, April 29th. The biotechnology company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.08). The company had revenue of $331.98 million for the quarter, compared to analysts’ expectations of $341.39 million. Seagen had a return on equity of 21.41% and a net margin of 29.07%.

A number of analysts recently commented on SGEN shares. Credit Suisse Group started coverage on Seagen in a research report on Tuesday, March 30th. They set a “neutral” rating and a $145.00 price objective for the company. Morgan Stanley decreased their price target on Seagen from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, February 12th. Piper Sandler decreased their price target on Seagen from $170.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, April 30th. Royal Bank of Canada decreased their price target on Seagen from $186.00 to $169.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 16th. Finally, Needham & Company LLC assumed coverage on Seagen in a research note on Friday, April 30th. They issued a “buy” rating and a $254.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $186.36.

In related news, insider Vaughn B. Himes sold 1,303 shares of the business’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $150.00, for a total transaction of $195,450.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Clay B. Siegall sold 29,353 shares of Seagen stock in a transaction that occurred on Thursday, May 6th. The stock was sold at an average price of $134.97, for a total value of $3,961,774.41. The disclosure for this sale can be found here. Insiders have sold a total of 84,703 shares of company stock worth $11,935,396 over the last three months. 27.60% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of SGEN. Norges Bank purchased a new stake in Seagen during the 4th quarter worth approximately $231,102,000. California Public Employees Retirement System bought a new stake in shares of Seagen in the 4th quarter valued at approximately $174,897,000. Redmile Group LLC bought a new stake in shares of Seagen in the 1st quarter valued at approximately $130,118,000. BlackRock Inc. increased its holdings in shares of Seagen by 7.2% in the 4th quarter. BlackRock Inc. now owns 12,520,079 shares of the biotechnology company’s stock valued at $2,192,768,000 after acquiring an additional 840,428 shares during the last quarter. Finally, Manning & Napier Group LLC increased its holdings in shares of Seagen by 849.3% in the 1st quarter. Manning & Napier Group LLC now owns 913,697 shares of the biotechnology company’s stock valued at $126,874,000 after acquiring an additional 817,452 shares during the last quarter. Institutional investors own 87.72% of the company’s stock.

Seagen stock traded up $2.89 during midday trading on Thursday, reaching $158.48. 612,478 shares of the company were exchanged, compared to its average volume of 1,063,982. The firm has a market capitalization of $28.76 billion, a P/E ratio of 43.90 and a beta of 0.87. The company’s 50-day moving average is $146.19. Seagen has a 1 year low of $133.20 and a 1 year high of $213.94.

Seagen Company Profile

Seagen Inc, a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company markets ADCETRIS, an antibody-drug conjugate (ADC) for the treatment of patients with Hodgkin lymphoma or CD30-positive T-cell lymphomas; PADCEV, an ADC targeting Nectin-4 for the treatment of metastatic urothelial cancers; and TUKYSA, an oral small molecule tyrosine kinase inhibitor for the treatment of adult patients with advanced unresectable or metastatic HER2-positive breast cancer.

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Earnings History and Estimates for Seagen (NASDAQ:SGEN)

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