In a report released today, Leah R. Cann from Oppenheimer maintained a Hold rating on Seattle Genetics (NASDAQ: SGEN). The company’s shares opened today at $74.59, close to its 52-week high of $75.27.
Cann wrote:
“We are making adjustments to our outlook for and 2019. We are modestly lowering revenue and operating expenses estimates. Revenue forecast is being reduced as the result of expected timing of milestones leading us to reduce our estimated collaborative revenue. Lowered operating expenses are resulting from the company expecting SG&A to be no higher than $240 million and R&D no higher than $580 million in 2018. The net effect is Q3 loss per share projection is being increased to $0.35 from our prior estimated loss per share of $0.30; the full year 2018E loss per share is unchanged at $1.07, and 2019E loss per share is being increased to $0.95 from $0.68.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 19.9% and a 53.5% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Seattle Genetics has an analyst consensus of Strong Buy, with a price target consensus of $79.14.
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The company has a one-year high of $75.27 and a one-year low of $46.46. Currently, Seattle Genetics has an average volume of 824.8K.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. Most recently, in June 2018, Darren Cline, the EVP, Commercial of SGEN sold 12,054 shares for a total of $831,679.
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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.
