J.P. Morgan Releases a Buy Rating on Seattle Genetics


J.P. Morgan analyst Cory Kasimov assigned a Buy rating to Seattle Genetics (NASDAQ: SGEN) on July 26 and set a price target of $77. The company’s shares closed on Friday at $72.98, close to its 52-week high of $74.68.

Kasimov wrote:

“With SGEN’s recent strength (up ~50% over the last 3 mos), we’ve been asked frequently – what would we need to see from Adcetris to maintain this momentum? In our view, this question should be more than adequately answered following a big beat this quarter with Adcetris sales coming in at $122.4M vs guidance of $105-110M and consensus of $107M. Additionally, management provided 3Q guidance of $130-135M vs cons of $115M. Coupled with continued pipeline progress (completion of enrollment in the pivotal cohort of EV-201 and first patient dosed in innovaTV 204/207, as previously disclosed), as well as narrowing of guidance for E-2 (now early 4Q18) we see this as another productive quarter on many fronts.”

According to TipRanks.com, Kasimov is a 3-star analyst with an average return of 2.9% and a 41.3% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Jounce Therapeutics Inc, and Vertex Pharmaceuticals.

Seattle Genetics has an analyst consensus of Moderate Buy, with a price target consensus of $79.50, representing an 8.9% upside. In a report issued on July 12, H.C. Wainwright also maintained a Buy rating on the stock with a $77 price target.

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Based on Seattle Genetics’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $76.27 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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