.jpg "Seattle Genetics (NASDAQ: SGEN)")
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 $77.78, close to its 52-week high of $81.66.
Cann observed:
“We have anticipated impact for Adcetris in frontline peripheral T-cell lymphoma (PTCL) starting in late 2019. The positive top-line data for the ECHELON-2 study support this. The timing of the ECHELON-2 data is as expected. 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, including additional indications, PTCL and Anaplastic large cell lymphoma, along with label expansion into frontline Hodgkin’s lymphoma earlier this year, will increase to $838.7 million in 2022 and account for 70.7% of revenue. Continued strong data from ECHELON-1 are expected to drive adoption in the frontline Hodgkin’s setting; the positive top-line data for ECHELON-2 support our view for approval and adoption in frontline PTCL.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 18.1% and a 54.1% 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 Strong Buy with an average price target of $88.50, which is a 13.8% upside from current levels. In a report released today, Cowen & Co. also maintained a Hold rating on the stock with a $82 price target.
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Based on Seattle Genetics’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $76.27 million. In comparison, last year the company had a net profit of $50.02 million.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. Last month, Vaughn Himes, the CTO of SGEN sold 5,000 shares for a total of $384,962.
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.
