In a report released yesterday, Silvan Tuerkcan from Oppenheimer maintained a Hold rating on Seattle Genetics (SGEN), with a price target of $77. The company’s shares closed yesterday at $71.09.
Tuerkcan observed:
“SGEN reported 1Q $135M Adcetris sales and $15.6M in royalties, below consensus. Management pointed to seasonality in 1Q and outlined why a price increase didn’t improve net price. SGEN is still confident in FY sales of $610M-$640M. Post-approval in 1L HL and PTCL, we are tracking commercial execution in 2019. Updated guidance shows an increase in OpEx, mainly supporting Adcetris and the late stage pipeline (Tucatinib and EV). Management was pleased with updates to the NCCN guidelines it hopes will increase use, particularly removing restrictions in 1L HL. In terms of catalysts, SGEN could transform into a multi-product company based on 1) EV-201 ASCO data & submission with accelerated approval and 2) HER2CLIMB data.”
According to TipRanks.com, Tuerkcan is a 3-star analyst with an average return of 24.5% and a 33.3% 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 $83.71, a 17.8% upside from current levels. In a report issued on April 10, Stifel Nicolaus also initiated coverage with a Hold rating on the stock with a $70 price target.
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Based on Seattle Genetics’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $120 million. In comparison, last year the company had a GAAP net loss of $112 million.
Based on the recent corporate insider activity of 53 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. Last 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.
