Seattle Genetics Gets a Buy Rating from H.C. Wainwright

By Austin Angelo

H.C. Wainwright analyst Andrew Fein maintained a Buy rating on Seattle Genetics (NASDAQ: SGEN) today and set a price target of $77. The company’s shares closed yesterday at $69.44, close to its 52-week high of $70.

Fein observed:

“We believe tucatinib in combination with trastuzumab (Herceptin) and capecitabine (Xeloda) has a decent shot at approval for treating third-line patients, and tucatinib in combination with ado-trastuzumab emtansine (T-DM1) may be used in the second-line.”

According to TipRanks.com, Fein is a 4-star analyst with an average return of 6.0% and a 48.9% success rate. Fein covers the Healthcare sector, focusing on stocks such as Proteostasis Therapeutics Inc, ACADIA Pharmaceuticals Inc, and Strongbridge Biopharma Plc.

Currently, the analyst consensus on Seattle Genetics is a Moderate Buy with an average price target of $65.25.

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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 $56.36 million.

Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is neutral on the stock. Last month, Darren Cline, the EVP, Commercial of SGEN sold 12,054 shares for a total of $831,679.

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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.