Seagen (NASDAQ:SGEN) stock is slipping on Tuesday after one of the company’s directors sold some of their shares.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Director Daniel Welch sold 1,864 shares of SGEN stock. These shares had a total value of $372,833 at the time of the sale.
The stock sale took place on Monday but wasn’t revealed until after normal trading hours. That’s why shares of SGEN stock are only starting to fall in response to the news today. Also, investors will note that Welch still holds 187.50 million shares or units of SGEN stock after this sale.
How This Affects SGEN Stock
Investors typically don’t react well to news of a director or executive selling shares of their company. Many see it as that leader having a lack of confidence in the company. This can trigger further selling from other investors, which drops the price of the stock.
That’s what traders are seeing today as SGEN stock experiences strong trading on Tuesday. As of this writing, more than 1.3 million shares have changed hands. That’s quickly approaching the company’s daily average trading volume of about 1.6 million shares.
SGEN stock is down 6.4% as of Tuesday morning but still up 44.7% since the start of the year.
Investors looking for more of the most recent stock market news will want to stick around!
We’ve got all of the biggest pre-market stock movers traders need to know about on Tuesday! A few examples include what’s moving shares of Troika Media (NASDAQ:TRKA), Horizon Therapeutics (NASDAQ:HZNP) and Chinese stocks today. All of that news is ready to go below!
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- Chinese Stocks Alert: Why Are FUTU, TIGR Stocks Down Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.