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Fly News Breaks for February 6, 2020
Feb 6, 2020 | 20:28 EDT
Piper Sandler analyst Joseph Catanzaro lowered his price target on Seattle Genetics to $125 after its Q4 results, saying the sales of Adcetris came in flat at $166.2M with a disappointing guidance of $675M-$700M coming in well below consensus $765M. The analyst says the update adds to his concerns about the longer term Adcetris estimates, though he is hopeful that Padcev and tucatinib can offset the soft results as he keeps his Overweight rating.
News For SGEN From the Last 2 Days
Oct 29, 2020 | 16:04 EDT
Reports Q3 revenue $1.06B vs. $213.3M last year. "Our third quarter and year-to-date strong financial performance was driven by product sales across our diverse portfolio of three marketed products as well as the positive financial impact of our recent collaborations with Merck on ladiratuzumab vedotin and TUKYSA," said Clay Siegall, Ph.D., President and Chief Executive Officer of Seagen. "We plan to report clinical and preclinical data across our programs at several medical meetings during the remainder of 2020. In addition, we are pursuing multiple regulatory submissions, including our TUKYSA MAA that is under review by the EMA, a planned tisotumab vedotin BLA in the U.S. and global marketing applications for PADCEV. With our significant financial resources, robust drug development pipeline, expanding footprint in Europe and strategic oncology collaborations, we are well-positioned to continue building Seagen to address the unmet medical needs of cancer patients around the globe."