Leerink Swann Maintains an 'Outperform' on Seattle Genetics (SGEN); Modest Growth, but Opportunities in Pipeline
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Price: $34.95 -1.13%
Rating Summary:
5 Buy, 5 Hold, 10 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
5 Buy, 5 Hold, 10 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade SGEN Now!
Leerink Swann maintains an 'Outperform' on Seattle Genetics (NASDAQ: SGEN) price target lowered from $24 to $21.
Analyst, Howard Liang, said, "SGEN reported 1Q:12 earnings, yesterday after the market close, with net Adcetris sales of $34.5M (+4% Q/Q), in line with our estimate of $35M but below consensus of $39M. As discussed in our preview, Adcetris sales in the quarter were negatively impacted by a jump in gross-to-net discounts, and gross grew 12% Q/Q. While this gross-to-net discount is expected to remain stable for the remainder of 2012, management guidance of $140-150M, which is below consensus of $170M and our prior estimate of $160M, would appear to imply very modest forward sequential growth. While this guidance leads us to lower our near-term estimates, we remain optimistic about the company's long-term prospects due to the breadth of Adcetris’ potential utility, pipeline opportunities as well as its antibody-drug conjugate platform."
Leerink raises FY12 loss from (0.48) to (0.45), but FY13 lowered from (0.27) to (0.01).
For an analyst ratings summary and ratings history on Seattle Genetics click here. For more ratings news on Seattle Genetics click here.
Shares of Seattle Genetics closed at $19.03 yesterday, with a 52 week range of $12.29-$22.40.
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Analyst, Howard Liang, said, "SGEN reported 1Q:12 earnings, yesterday after the market close, with net Adcetris sales of $34.5M (+4% Q/Q), in line with our estimate of $35M but below consensus of $39M. As discussed in our preview, Adcetris sales in the quarter were negatively impacted by a jump in gross-to-net discounts, and gross grew 12% Q/Q. While this gross-to-net discount is expected to remain stable for the remainder of 2012, management guidance of $140-150M, which is below consensus of $170M and our prior estimate of $160M, would appear to imply very modest forward sequential growth. While this guidance leads us to lower our near-term estimates, we remain optimistic about the company's long-term prospects due to the breadth of Adcetris’ potential utility, pipeline opportunities as well as its antibody-drug conjugate platform."
Leerink raises FY12 loss from (0.48) to (0.45), but FY13 lowered from (0.27) to (0.01).
For an analyst ratings summary and ratings history on Seattle Genetics click here. For more ratings news on Seattle Genetics click here.
Shares of Seattle Genetics closed at $19.03 yesterday, with a 52 week range of $12.29-$22.40.
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