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Seattle Genetics (SGEN): Adcetris Could Become a Blockbuster - Needham

June 28, 2016 7:52 AM EDT
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Price: $228.74 --0%

Rating Summary:
    10 Buy, 18 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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Needham & Company analyst, Chad Messer, noted that data from Seattle Genetics' (NASDAQ: SGEN) pivotal ALCANZA trial in relapsed cutaneous T-cell lymphoma (CTCL) is due in 3Q. If positive, this should add a couple thousand patients to the Adcetris label. The ECHELON trials in frontline Hodgkin's lymphoma (HL) and peripheral T-cell lymphoma (PTCL) read out is due in the 2017 to 2018 time frame. He believes positive data from these studies could make Adcetris a blockbuster.

Reviewing existing data from Adcetris and current standard of care regimens assigns a high likelihood of success to positive data from all three studies. The analyst forecasts $1.75B in 2021 North American Adcetris sales and very substantial profitability for SGEN. He views SGEN shares as undervalued even before considering its deep pipeline that includes pivotal stage vadastuximab for AML. No change to the Buy rating but the price target jumps to $72 from $60.

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 $36.37 yesterday.



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