Here’s Why Seagen (SGEN) Shares Declined in the Third Quarter

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered negative returns. The portfolio recorded impressive gains at the beginning of the quarter. In contrast, there was a disappointing selloff at the end of the quarter. The Russell Midcap Growth Index was 0.65% down compared to a 4.92% decline for its counterpart, the Russell Midcap Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the third-quarter letter, Carillon Tower Advisers discussed stocks like Seagen Inc. (NASDAQ:SGEN). Headquartered in Bothell, Washington, Seagen Inc. (NASDAQ:SGEN) is a biotechnology company. On October 27, 2022, Seagen Inc. (NASDAQ:SGEN) stock closed at $131.25 per share. One-month return of Seagen Inc. (NASDAQ:SGEN) was -4.08% and its shares lost 25.57% of their value over the last 52 weeks. Seagen Inc. (NASDAQ:SGEN) has a market capitalization of $24.207 billion.

Carillon Tower Advisers made the following comment about Seagen Inc. (NASDAQ:SGEN) in its Q3 2022 investor letter:

“Seagen Inc. (NASDAQ:SGEN) is a biotechnology company that develops monoclonal antibody-based therapies to treat cancer. The stock underperformed after a previously reported potential bid for the company by a significant global pharmaceutical player never materialized. The company’s shares have since returned to relatively similar levels as prior to the reports.”

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Seagen Inc. (NASDAQ:SGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Seagen Inc. (NASDAQ:SGEN) at the end of the second quarter, which was 49 in the previous quarter.

We discussed Seagen Inc. (NASDAQ:SGEN) in another article and shared Carillon Tower Advisers’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.