On March 15, 2023, Morgan Stanley downgraded their outlook for Seattle Genetics (NASDAQ:SGEN) from Overweight to Equal-Weight.

Analyst Price Forecast Suggests 11.62% Downside

As of March 16, 2023, the average one-year price target for Seattle Genetics is $176.72. The forecasts range from a low of $142.41 to a high of $225.75. The average price target represents a decrease of 11.62% from its latest reported closing price of $199.94.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Seattle Genetics is $2,440MM, an increase of 24.34%. The projected annual non-GAAP EPS is -$2.23.

What are Large Shareholders Doing?

Baker Bros. Advisors holds 46,912K shares representing 25.07% ownership of the company. No change in the last quarter.

Capital International Investors holds 16,584K shares representing 8.86% ownership of the company. In it’s prior filing, the firm reported owning 15,565K shares, representing an increase of 6.15%. The firm decreased its portfolio allocation in SGEN by 7.90% over the last quarter.

Wellington Management Group Llp holds 9,881K shares representing 5.28% ownership of the company. In it’s prior filing, the firm reported owning 9,842K shares, representing an increase of 0.40%. The firm decreased its portfolio allocation in SGEN by 11.23% over the last quarter.

Capital World Investors holds 7,260K shares representing 3.88% ownership of the company. In it’s prior filing, the firm reported owning 4,683K shares, representing an increase of 35.50%. The firm increased its portfolio allocation in SGEN by 38.25% over the last quarter.

AGTHX – GROWTH FUND OF AMERICA holds 7,006K shares representing 3.74% ownership of the company. In it’s prior filing, the firm reported owning 6,832K shares, representing an increase of 2.49%. The firm decreased its portfolio allocation in SGEN by 18.16% over the last quarter.

What is the Fund Sentiment?

There are 1164 funds or institutions reporting positions in Seattle Genetics. This is an increase of 24 owner(s) or 2.11% in the last quarter. Average portfolio weight of all funds dedicated to SGEN is 0.32%, a decrease of 16.22%. Total shares owned by institutions increased in the last three months by 2.73% to 196,858K shares. The put/call ratio of SGEN is 0.93, indicating a bullish outlook.

Seagen Background Information
(This description is provided by the company.)

Seagen Inc. is a global biotechnology company that discovers, develops and commercializes transformative cancer medicines to make a meaningful difference in people’s lives. Seagen is headquartered in the Seattle, Washington area, and has locations in California, Canada, Switzerland and the European Union.

This article originally appeared on Fintel