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Fly News Breaks for April 25, 2019
SGEN
Apr 25, 2019 | 21:00 EDT
Piper Jaffray analyst Joseph Catanzaro is keeping his Neutral rating and $64 price target on Seattle Genetics after its Q1 results that saw Adcetris sales of $135M missing consensus of $141M. The analyst notes that this marks the 3rd consecutive quarter of "sluggish growth", also lowering his FY19 EPS outlook to ($1.05) from (94c) and FY20 outlook to (14c) from 12c. Catanzaro lowers his FY19 Adcetris sales forecast to $611M from $633M, adding that the company's Adcentris revenue outlook of $610M-$640M for this year may "prove difficult."
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