Why Seagen Stock Is Soaring Today
Shares of Seagen (NASDAQ: SGEN) were soaring 11.4% higher at 11:28 a.m. ET on Thursday. The big jump came after the biopharmaceutical company reported its 2022 full-year and fourth-quarter results following the market close on Wednesday.
Seagen announced fourth-quarter revenue of $528 million, up from $430 million in the prior-year period. The company posted a net loss in Q4 of $148 million, or $0.80 per diluted share. However, this result was narrower than the net loss of $175 million, or $0.95 per share, recorded in the fourth quarter of 2021. It also was better than the consensus estimate of a Q4 net loss of $1.04 per share.
The company also provided guidance for full-year 2023. Seagen expects revenue of between $2.14 billion and $2.24 billion. The midpoint of the range reflects a year-over-year increase of 9.5%.
Source Fool.com
