UPDATE: Oppenheimer Downgrades Seattle Genetics (SGEN) to Perform; Valuation Call
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Price: $35.73 -0.06%
Rating Summary:
5 Buy, 5 Hold, 10 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Rating Summary:
5 Buy, 5 Hold, 10 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Trade SGEN Now!
(Updated - September 7, 2012 9:45 AM EDT)
Oppenheimer downgraded Seattle Genetics (NASDAQ: SGEN) from Outperform to Perform. PT lowered by $1 to $27.
Analyst, Boris Peaker, said, "Our downgrade is largely based on valuation. We believe that at the current price, there is more downside risk than near-term upside potential. However, we believe that the long-term value of the platform remains intact, which is why we are maintaining a PT. The $1 change in our target is largely immaterial and is due to changes in our financial model. We would look to revisit the stock if it falls to the low $20s. Given the current valuation and the volatile short interest, we believe a drop in valuation is possible if ADCETRIS misses investor expectations."
FY12 EPS estimate lowered from (0.55) to (0.60) and FY13 from (0.31) to (0.46).
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 $29.68 yesterday, with a 52 week range of $14.61-$29.83.
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Oppenheimer downgraded Seattle Genetics (NASDAQ: SGEN) from Outperform to Perform. PT lowered by $1 to $27.
Analyst, Boris Peaker, said, "Our downgrade is largely based on valuation. We believe that at the current price, there is more downside risk than near-term upside potential. However, we believe that the long-term value of the platform remains intact, which is why we are maintaining a PT. The $1 change in our target is largely immaterial and is due to changes in our financial model. We would look to revisit the stock if it falls to the low $20s. Given the current valuation and the volatile short interest, we believe a drop in valuation is possible if ADCETRIS misses investor expectations."
FY12 EPS estimate lowered from (0.55) to (0.60) and FY13 from (0.31) to (0.46).
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 $29.68 yesterday, with a 52 week range of $14.61-$29.83.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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