Citadel Securities Starts Seattle Genetics (SGEN) at Reduce; Adcetris Approvable, But Market Opportunity Appears Overestimated

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Citadel Securities initiates coverage on Seattle Genetics (NASDAQ: SGEN) with a Reduce. PT $10.00.

Citadel analyst says, "We believe the Street is overestimating the market opportunity for SGEN’s lead compound, Adcetris, in both Hodgkin’s lymphoma and ALCL. Regardless of the FDA’s decision on Adcetris approvability, we believe the longterm outlook for Adcetris, its launch trajectory, and overall market opportunity may miss Street expectations. Our $10 price target is based on a net-present-valuation of Adcetris, SGEN’s ADC platform, and net cash."

For more ratings news on Seattle Genetics click here and for the rating history of Seattle Genetics click here.

Shares of Seattle Genetics closed at $13.84 yesterday, with a 52 week range of $11.35-$21.41.

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