Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The recent pressure on Seagen Inc.’s (NASDAQ:SGEN) stock may offer a nearer-term opportunity, but the biotech's position as an attractive strategic target is “too intriguing to ignore.”
That's according to RBC Capital Markets analyst Gregory Renza who named Merck & Co. Inc. (NYSE:MRK) as a fitting buyer.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The Seagen Analyst: Renza upgraded the rating for Seagen from Sector Perform to Outperform, while raising the price target from $179 to $188.
The Seagen Thesis: The Bothell, Washington-based company is a strategic fit for Merck and “in line with sentiment from the past where MRK has established a collaboration and investment in SGEN,” Renza said.
He raised the probability of a strategic outcome occurring from 75% to 95%.
Check out other analyst stock ratings.
“The backstop in valuation remains the commercial portfolio, which has been performing well and serves as a base for the long-term term optionality within its broad pipeline,” the analyst wrote. “Strategically, to us, the stars align — and we believe it is worth making a responsible recommendation, especially with the arbitration clarity that arrived on Friday."
RBC isn't the only firm examining whether Seagen should be in play. Earlier this summer, Raymond James mentioned how the company's board of directors may be exploring strategic alternatives, which is corporate parlance that a sale process is being considered.
Seagen co-founder Clay Siegall resigned as CEO in May. The company is currently under the helm of Roger Dansey.
SGEN Price Action: Shares of Seagen had declined by 0.22% to $168.16 at the time of publication Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.