Oppenheimer Reiterates a Hold Rating on Seattle Genetics

By Ryan Adsit

Oppenheimer analyst Leah R. Cann reiterated a Hold rating on Seattle Genetics (NASDAQ: SGEN) today. The company’s shares closed yesterday at $48.76, close to its 52-week high of $75.36.

R. Cann commented:

“Seattle Genetics and Genmab announced today that Seattle Genetics has exercised its option to co-develop the compound tisotumab vedotin, under its existing collaboration agreement with Genmab. The companies originally entered into a commercial license and collaboration agreement in October 2011 that gave Seattle Genetics the right to exercise a co-development option for tisotumab vedotin at the end of its phase I clinical development.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 12.9% and a 70.1% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Crispr Therapeutics AG, and Intellia Therapeutics.

Currently, the analyst consensus on Seattle Genetics is Moderate Buy and the average price target is $59.50, representing a 22.0% upside.

In a report issued on August 16, Cantor Fitzgerald also reiterated a Hold rating on the stock with a $46 price target.

Based on Seattle Genetics’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $108 million and GAAP net loss of $56.36 million. In comparison, last year the company earned revenue of $95.4 million and had a GAAP net loss of $32.74 million.

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Seattle Genetics, Inc. engages in the development and commercialization of monoclonal antibody-based therapies for cancer. Its product 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.