Leerink Partners Remains Bullish Ahead of Seattle Genetics's (SGEN) 3Q Report
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Leerink Partners reiterated an Outperform rating and $62.00 price target on Seattle Genetics (NASDAQ: SGEN) ahead of the company's 3Q release. Leerink is expecting the company to report relatively in-line results. Expectations are for total revenue of $101M compared to consensus of $101.7M. Estimates for diluted loss per share of ($0.29) is the same as consensus.
Analyst Michael Schmidt commented, "Our estimates for 3Q16 are in-line with consensus and we expect SGEN to achieve 2016 guidance of $255-275M net product sales, which looks conservative, particularly the bottom end of the range. Sales do not appear to have been negatively impacted by the approval of BMY’s (OP) Opdivo in Adcetris-refractory Hodgkin’s lymphoma (HL) patients earlier this year and we're positively biased on significant growth opportunities in front-line HL treatment, as well as in non-Hodgkin's Lymphoma (NHL). We remain OP-rated on the stock based on our thesis that Adcetris has a high probability of success in becoming the standard of care in front-line treatment of Hodgkin's Lymphoma (r/rHL) while additional value drivers in SGEN's pipeline, e.g., in AML or urothelial cancers, are still under-appreciated. Reiterate OP; our PT remains $62."
Shares of Seattle Genetics closed at $51.60 yesterday.
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