J.P. Morgan Sticks to Their Hold Rating for Seattle Genetics

By Carrie Williams

J.P. Morgan analyst Cory Kasimov reiterated a Hold rating on Seattle Genetics (NASDAQ: SGEN) on June 8 and set a price target of $58. The company’s shares closed yesterday at $63.26.

Kasimov noted:

“With top-line results for ECHELON-1 (Adcetris in 1L Hodgkin lymphoma) reading out at some point in 2017, we conducted a detailed analysis of the trial design and available data and interviewed a couple more KOLs to help frame expectations. We are also updating our model to better account for doc feedback and re-treatment rates among the various approved Adcetris settings. The bottom line is that we are bullish on the potential success of E-1 (70% in our model), which may offer a favorable trading opportunity into the data.”

According to TipRanks.com, Kasimov is ranked 0 out of 5 stars with an average return of -2.3% and a 37.5% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as Ionis Pharmaceuticals Inc, Global Blood Therapeutics, and Karyopharm Therapeutics.

Currently, the analyst consensus on Seattle Genetics is Moderate Buy and the average price target is $58, representing a -8.3% downside.

In a report issued on June 2, Oppenheimer also reiterated a Hold rating on the stock.

The company has a one year high of $75.36 and a one year low of $35.93. Currently, Seattle Genetics has an average volume of 666.2K.

Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SGEN in relation to earlier this year. Most recently, in January 2017, Jonathan Drachman, the CMO & EVP, R & D of SGEN bought 5,000 shares for a total of $51,450.

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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.