Oppenheimer Remains a Hold on Seattle Genetics (SGEN)


Oppenheimer analyst Leah R. Cann maintained a Hold rating on Seattle Genetics (SGEN) today. The company’s shares opened today at $55.07.

Cann observed:

“While relapsed/refractory multiple myeloma is a setting with several treatment options, additional therapies are needed. BCMA is a validated and interesting therapeutic target in multiple myeloma. SEA-BCMA is the second early-stage Seattle Genetics compound to enter the clinic for multiple myeloma this year. In March, SGN-CD48A entered phase I development as well. We have not included either SEA-BCMA or SGN-CD48A in our outlook for Seattle Genetics by 2022. However, we believe multiple myeloma offers a new large potential market, similar in size to the company’s current market, Hodgkin’s disease.”

According to TipRanks.com, Cann is a 3-star analyst with an average return of 1.6% and a 38.0% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.

Currently, the analyst consensus on Seattle Genetics is a Moderate Buy with an average price target of $82.67, implying a 50.1% upside from current levels. In a report issued on October 30, Cowen & Co. also assigned a Hold rating to the stock with a $71 price target.

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Based on Seattle Genetics’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $67.45 million. In comparison, last year the company had a net profit of $50.02 million.

Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Srinivas Akkaraju, a Director at SGEN bought 5,000 shares for a total of $41,900.

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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