Seattle Genetics Gets a Hold Rating from Cowen & Co.

By Jason Carr

In a report released today, Boris Peaker from Cowen & Co. reiterated a Hold rating on Seattle Genetics (NASDAQ: SGEN). The company’s shares opened today at $57.48.

Peaker observed:

“SGEN announced this morning that following an interim safety look of 33A’s pivotal.”

According to TipRanks.com, Peaker is a 1-star analyst with an average return of -0.3% and a 38.5% success rate. Peaker covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Corvus Pharmaceuticals Inc, and Merrimack Pharmaceuticals.

Currently, the analyst consensus on Seattle Genetics is Moderate Buy and the average price target is $56.33, representing a -2.0% downside.

In a report released today, Piper Jaffray also maintained a Hold rating on the stock with a $48 price target.

Based on Seattle Genetics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $109 million and GAAP net loss of $59.99 million. In comparison, last year the company earned revenue of $111 million and had a GAAP net loss of $20.48 million.

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Seattle Genetics, Inc. engages in the development and commercialization of monoclonal antibody-based therapies for cancer. Its product ADCETRIS or brentuximab vedotin has been approved by both U.S. Food and Drug Association and Health Canada in U.S. and Canada respectively. ADCETRIS is an antibody-drug conjugate comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E. The company was founded by Clay B. Siegall and H. Perry Fell on July 15, 1997 and is headquartered in Bothell, WA.