Why Seagen Stock Had Bullish Price Action Feb 16, 2023: Research & FAQs

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Seagen stock has had VERY bullish price action on February 16, 2023. In this article we explain why as we dive into more research about the company.

Seagen Stock

A fade the gap up over the 200 day moving average trade is on in Seagen stock. On February 16, 2023, the company reported EPS and revenue beats and the stock got ahead of itself to the upside as analysts poured on the bullish commentary. Short-term, traders are fading the gap up with anticipation that profit takers will move the back down closer to its 200 day moving average. Long-term, the technical uptrend remains intact.

Seagen stock chart on February 16 2023 with a gap up above its 200 day moving average line
Seagen stock chart on February 16 2023 with a gap up above its 200 day moving average line. The yellow momentum circle in the lower indicator suggests short-term traders are selling the gap up and that the stock is not as bullish as the price action suggests in the short-term time frame. Look for a retracement and gap fill.

Seagen Reports Fourth Quarter and Full Year 2022 Financial Results

Seagen reported Q4 EPS of (80c) versus the consensus estimate of ($1.04). The company reported Q4 revenue of $528.2M versus the consensus estimate of $479.7M.

“We delivered total revenue of nearly $2 billion in 2022, reflecting 25 percent growth compared to 2021 driven by strong demand for our portfolio of approved products,” said David Epstein, Chief Executive Officer of Seagen.

“We made excellent progress in growing our four marketed brands. Importantly, the FDA is currently reviewing our supplemental regulatory submission under the accelerated approval program for PADCEV as first-line treatment for cisplatin-ineligible patients with advanced urothelial cancer, which has the potential to be a meaningful growth driver for the brand. We anticipate multiple key data and regulatory catalysts in 2023, which will provide a path for us to build a more global oncology leader with the potential to address the needs of still larger populations of cancer patients.”

Seagen Stock Upgraded at Raymond James

Dane Leone, an analyst for Raymond James, raised Seagen’s rating from Outperform to Strong Buy on February 16, 2023. His new price target was $175 as opposed to the previous $155 target. The analyst claims that later in the year, topline data for EV-302 will serve as a springboard for the potential accelerated approval of Padcev in first-line cis-ineligible patients.

In addition, data from the ongoing HER2CLIMB-04 study in conjunction with Enhertu could significantly improve the current commercial outlook, the analyst writes to investors in a research note. This trial could result in an expansion of the Tukysa label and will offer clinical and mechanistic insight into the combinability of Tukysa and ADCs. On its upcoming clinical catalysts, the company gave Seagen an upgrade.

Seagen Stock Upgraded at Evercore ISI

On February 16, 2023, Evercore ISI raised Seagen’s rating from In Line to Outperform and increased its price target from $140 to $175. The analyst added that while the company would prefer a better entry point, we don’t think we’ll get it because there are so many positive catalysts and growth drivers in the near future.

Seagen Stock Price Target Raised at RBC Capital

Gregory Renza, an analyst with RBC Capital, raised the company’s price target for Seagen from $145 to $155 on February 16, 2023, while maintaining an Outperform rating for the stock. The company’s Q4 results, which exceeded analyst expectations thanks to the commercial success of Adcetris and Tukysa, are cited by the analyst. The company also expects Padcev and Adcetris to continue growing this year, with Padcev continuing its ongoing label expansion and pipeline optionality.

Frequently Asked Questions

Who owns Seagen?

Seattle Genetics, Inc. is the parent company of Seagen. Seattle Genetics is a publicly traded biotechnology company based in Bothell, Washington.

Who are the largest shareholders in Seagen stock?

The largest institutional shareholders in Seagen include BlackRock Inc., Vanguard Group Inc., Morgan Stanley, Northern Trust Corporation, and Geode Capital Management LLC.

What is Seagen Inc Ordinary Shares’s stock style?

Seagen is a large-cap growth stock.

What was the 52-week high for Seagen stock?

As of February 16, 2023, the 52-week high for Seagen stock was $183.

What was the 52-week low for Seagen stock?

As of February 16, 2023, the 52-week low for Seagen stock was $105.43.

Do any famous investors own Seagen stock?

Yes, Warren Buffett’s Berkshire Hathaway Inc. owns a small stake in Seagen Inc. (NASDAQ: SGEN).
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