Oppenheimer Reiterates Their Hold Rating on Seattle Genetics

By Ryan Adsit

In a report released today, Leah R. Cann from Oppenheimer reiterated a Hold rating on Seattle Genetics (NASDAQ: SGEN). The company’s shares closed last Friday at $64.52.

R. Cann said:

“Seattle Genetics announced today that it is discontinuing the phase III CASCADE clinical trial of vadastuximab talirine (SGN-CD33A) in frontline older acute myeloid leukemia (AML) patients. Seattle Genetics reported it took this action following consultation with the Independent Data Monitoring Committee (IDMC) and after reviewing unblinded data on June 16, 2017. As a result of the discontinuation of SGN-CD33A (vadastuximab talirine; 33A), we are removing estimated sales of SGN- CD33A from our model in 2020 and 2021.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 6.6% and a 64.7% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Syros Pharmaceuticals, and Acceleron Pharma.

Currently, the analyst consensus on Seattle Genetics is Moderate Buy and the average price target is $58, representing a -10.1% downside.

In a report issued on June 6, Cowen & Co. also reiterated a Hold rating on the stock with a $61 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.