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SGEN

Seattle Genetics

$71.10

1.69 (2.43%)

21:00
04/25/19
04/25
21:00
04/25/19
21:00

Seattle Genetics Q1 marks third quarter of 'sluggish growth', says Piper Jaffray

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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SGEN Seattle Genetics
$71.10

1.69 (2.43%)

04/10/19
STFL
04/10/19
INITIATION
Target $70
STFL
Hold
Seattle Genetics initiated with a Hold at Stifel
Stifel analyst Stephen Willey initiated Seattle Genetics with a Hold rating and a price target of $70, saying that while the company "commands a leadership position in the development of antibody-drug conjugate technology", the current ADCETRIS estimates as "much-too-optimistic" in suggesting trajectory to sales of over $1B. The analyst adds that although the "recently-announced phase data for enfortumab vedotin will initiate Seattle Genetics' transition to a multi-product commercial company", he sees the "presumption of clinical/commercial success to be appropriately risk-adjusted in the stock at these levels."
03/28/19
PIPR
03/28/19
NO CHANGE
PIPR
Neutral
Seattle Genetics' ORR 'impressive' for third-line UBC, says Piper Jaffray
After Seattle Genetics (SGEN) reported topline results from the first cohort of patients in a phase 2 trial evaluating enfortumab vedotin for the treatment of patients with locally advanced or metastatic urothelial cancer who have received two prior lines of treatment, Piper Jaffray analyst Joseph Catanzaro said the 44% objective response rate, or ORR, was "impressive" in this population of patients. While he thinks there may be room for upward revisions to his assumptions, he prefers to wait for the full data set before making any changes. Catanzaro keeps a Neutral rating on Seattle Genetics, citing his concerns about the growth of Adcetris.
03/27/19
BREN
03/27/19
INITIATION
Target $95
BREN
Buy
Seattle Genetics initiated with a Buy at Berenberg
Berenberg analyst Shanshan Xu initiated Seattle Genetics with a Buy and $95 price target saying he sees further appreciation following strong performance over the past 12 months. Xu believes several assets are undervalued at current levels including tucatinib in Phase III development for breast cancer, and enfortumab in Phase III development for urothelial carcinoma. Further, the analyst believes the receipt of a Complete Response Letter for the Biologics License Application for lead product candidate IMMU-132 for breast cancer may be resolved following an inspection by the FDA in second half 2019.
02/07/19
PIPR
02/07/19
NO CHANGE
Target $64
PIPR
Neutral
Seattle Genetics price target lowered to $64 from $66 at Piper Jaffray
Piper Jaffray analyst Joseph Catanzaro lowered his price target on Seattle Genetics to $64 and kept his Neutral rating after its Q4 results and Adcetris sales came in line with forecasts. The analyst cites the slowdown in the adoption trajectory of E-1 over the past two quarters, but looks ahead to two pivotal data sets for Adcetris in 2019.

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