Oppenheimer analyst Silvan Tuerkcan maintained a Hold rating on Seattle Genetics (SGEN) today and set a price target of $77. The company’s shares opened today at $75.87.
Tuerkcan noted:
“SGEN announced positive top-line data from Enfortumab Vedotin (EV), a Nectin-4 targeting the open-label Ph2 study EV-201 in locally advanced metastatic urothelial cancer (mUC) in patients that failed a checkpoint inhibitor and platinum-based chemotherapy. Top-line results included 44% ORR (blinded independent central review). SGEN stated that duration of response and AEs were consistent with Ph1 EV-101’s. It plans to submit a BLA based on Cohort 1 data later this year. EV-301 are still enrolling and will act as a confirmatory study. Ex-US registrational plans are in the works. We increase our EV 75%E (PT to $77 from $75) and estimate unadjusted peak mUC sales of $1B (including Cohort 2 population and potential 1L use).”
According to TipRanks.com, Tuerkcan is a 4-star analyst with an average return of 39.8% and a 80.0% success rate. Tuerkcan covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Crispr Therapeutics AG, and Exelixis.
Currently, the analyst consensus on Seattle Genetics is a Moderate Buy with an average price target of $85.50, implying a 12.7% upside from current levels. In a report released today, Piper Jaffray also maintained a Hold rating on the stock.
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The company has a one-year high of $84.37 and a one-year low of $47.75. Currently, Seattle Genetics has an average volume of 791.2K.
Based on the recent corporate insider activity of 51 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. Earlier this month, Clay Siegall, the President & CEO of SGEN bought 16,556 shares for a total of $199,988.
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Seattle Genetics, Inc. is a biotechnology company, which engages in the development and commercialization of antibody-based therapies for the treatment of cancer. Its product Adcetris is an antibody-drug for the treatment of lymphoma. The firm is also advancing a pipeline of novel therapies for solid tumors and blood-related cancers.
