Is Seagen (SGEN) a Fundamentally Sound Stock?

Alger Capital, an investment management company, released its “Alger Mid Cap Focus Fund” third quarter investor letter. A copy of the same can be downloaded here. Mid-cap growth stocks declined 0.65% for the quarter, as measured by the Russel Midcap Growth Index. Class Z shares of the fund underperformed the Russel Midcap Growth Index in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Alger Capital highlighted stocks like Seagen Inc. (NASDAQ:SGEN) in the Q3 2022 investor letter. Headquartered in Bothell, Washington, Seagen Inc. (NASDAQ:SGEN) is a biotechnology company. On December 13, 2022, Seagen Inc. (NASDAQ:SGEN) stock closed at $134.06 per share. One-month return of Seagen Inc. (NASDAQ:SGEN) was 0.24%, and its shares lost 7.20% of their value over the last 52 weeks. Seagen Inc. (NASDAQ:SGEN) has a market capitalization of $24.89 billion.

Alger Capital made the following comment about Seagen Inc. (NASDAQ:SGEN) in its Q3 2022 investor letter:

“Seagen Inc. (NASDAQ:SGEN) is a biotechnology company that 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.

Going into the quarter, news emerged that large cap pharmaceutical company, Merck, would announce the acquisition of Seagen. While reports suggested the purchase price range could make it one of the year’s largest deals, negotiations stalled in late august, thereby lowering Seagen’s share price. Nevertheless, we believe Seagen’s fundamentals remain sound, supported by a strong pipeline of cancer antibody- based treatments.”

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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, 51 hedge fund portfolios held Seagen Inc. (NASDAQ:SGEN) at the end of the third quarter, which was 54 in the previous quarter.

We discussed Seagen Inc. (NASDAQ:SGEN) in another article and shared Carillon Tower Advisers’ views on the company. 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.