Seagen Stock Boosted on Billion-Dollar Buyout

SGEN is trading at two-year highs

Deputy Editor
Mar 13, 2023 at 11:41 AM
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Seagen Inc (NASDAQ:SGEN) stock is soaring today, after news that Pfizer (PFE) is acquiring the company for roughly $43 billion, expanding its access to cancer treatment. At last glance, SGEN was up 15.8% at $199.92, earlier hitting a two-year high of $200. 

On the charts, Seagen stock has experienced a few bull gaps since the start of the year, now up about 55% year-to-date. The security is now above all significant short- and long-term daily moving averages, including its 40-day trendline, which acted as support for the first couple months of the year. 

Options traders are chiming in on the news, with 4,268 calls and 2,426 puts exchanged so far, which is eight times the intraday average. The May 200 call is the most active contract, with new positions being bought to open there. 

Meanwhile, 14 of the 20 analysts in coverage carry a "buy" or better rating on SGEN. The 12-month consensus price target of $174.95 was close to the stock price just last session, and is now a 12.2% discount to current levels. 

 

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