Fly News Breaks for December 19, 2019
Dec 19, 2019 | 15:44 EDT
Stifel analyst Stephen Willey believes the three months earlier than expected FDA approval of enfortumab vedotin for the treatment of platinum/PD-1-experienced metastatic urothelial carcinoma patients is another positive for Seattle Genetics, but also one that is "relatively unsurprising." He now expects "previously conservative" FY20 consensus P-ADC-EV estimates to approach his increased FY20 estimate of $106M given the accelerated launch and higher than expected WAC pricing, which appears to imply $28.5K per month. Willey raised his price target for Seattle Genetics shares to $101 from $87 while keeping a Hold rating on the stock.
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