Oppenheimer analyst Leah R. Cann maintained a Hold rating on Seattle Genetics (SGEN) today. The company’s shares opened today at $63.95.
Cann noted:
“Adcetris, Seattle 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 will increase to $838.7 million in 2022. Studies from ECHELON-1 focusing on adolescent and young adults, advanced-stage classical Hodgkin’s lymphoma, and resolution of peripheral neuropathy, were positive. Preliminary data from CheckMate 436 showed compelling response rates. Detailed data at 2018 ASH from subsets of patients in the ECHELON-1 study continue to support adoption of Adcetris. 436 study are encouraging for use of Adcetris in combination with a checkpoint inhibitor in a new setting, NHL. Our outlook for Adcetris is unchanged, but we are encouraged by the results presented at 2018 ASH.”
According to TipRanks.com, Cann is a 4-star analyst with an average return of 3.6% and a 42.8% 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 $82.44, representing a 28.9% upside. In a report issued on November 27, Piper Jaffray also reiterated a Hold rating on the stock with a $66 price target.
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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 1.14M.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. Last month, Srinivas Akkaraju, a Director at SGEN bought 5,000 shares for a total of $41,900.
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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.
