Oppenheimer Keeps Their Hold Rating on Seattle Genetics

By Jason Carr

Oppenheimer analyst Leah R. Cann maintained a Hold rating on Seattle Genetics (NASDAQ: SGEN) yesterday. The company’s shares closed yesterday at $58.50.

Cann wrote:

“We have not included any sales or earnings from enfortumab vedotin by 2022 due to its stage of development, but we are encouraged by its development program, including data in the ASCO abstract and its having received Breakthrough Therapy Designation. Genetics’ approved drug for Hodgkin’s lymphoma, had sales of $307.6 million, or 63.8% of total revenue, in 2017. We estimate that Adcetris sales, including additional indications, CTCL and Anaplastic large cell lymphoma, and label expansion into frontline Hodgkin’s lymphoma, will increase to $766.7 million in 2022 and account for 70% of revenue. Continued strong data from ECHELON-1 are expected to drive adoption in the frontline Hodgkin’s setting.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 16.9% and a 58.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.

Seattle Genetics has an analyst consensus of Moderate Buy, with a price target consensus of $65.60.

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Based on Seattle Genetics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $112 million. In comparison, last year the company had a GAAP net loss of $59.99 million.

Based on the recent corporate insider activity of 64 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.

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Seattle Genetics, Inc. engages in the development and commercialization of antibody-based therapies for the treatment of cancer. Its product ADCETRIS is an antibody-drug encompassing several settings for the treatment of relapsed Hodgkin lymphoma, for relapsed systemic anaplastic large cell lymphoma, or sALCL, and for certain types of cutaneous T-cell lymphoma, or CTCL. The firm is also advancing a pipeline of novel therapies for solid tumors and blood-related cancers. The company was founded by Clay B. Siegall and H. Perry Fell on July 15, 1997 and is headquartered in Bothell, WA.