Needham & Company Assumes Coverage on Seattle Genetics (SGEN) at Buy; 3Q11 Review and ASH Meeting Preview
- Japan's Nikkei Plunges 7%; U.S. Stocks Indicated Lower
- Hewlett-Packard Company (HPQ) Tops Q2 EPS by 6c as Sales Slide 10%
- Streetinsider.com After-Hours Movers 05/22: (HPQ) (PSUN) (PETM) Higher; (APRI) (DRYS) (EGHT)
- Short Sellers See the Light (HLF) (FSLR) (NFLX) (TLSA)
- Telsa (TSLA) Repays DOE Loan Facility
Needham & Company assumes coverage on Seattle Genetics (NASDAQ: SGEN) with a Buy. PT $20.00.
Needham analyst says, "Adcetris was launched late August and generated $10M in 3Q11 sales. The drug is marketed under accelerated FDA approval for a limited subset of the Hodgkin’s lymphoma (HL) and Anaplastic Large Cell Lymphoma (ALCL) patient populations. We anticipate rapid penetration in these indications, but note modest sales potential in the near-term due to the small number of patients involved. Because of the drug’s generally impressive efficacy/safety profile to date, we believe the long-term prospects are more favorable with an opportunity for a move to retreatment and front-line settings as well as expansion to other CD30+ tumors."
"Our 4Q11 and 2012 Adcetris U.S. sales estimates are $15M and $74M. Our 4Q11, 2011, and 2012 EPS estimates are $(0.36), $(1.46), and $(1.19)."
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 $16.21 yesterday, with a 52 week range of $12.29-$22.40.
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
You May Also Be Interested In
- Topeka Capital Starts RDA Microelectronics (RDA) at Buy
- Wells Fargo Starts Popular, Inc. (BPOP) at Outperform
- Deutsche Bank Starts Taylor Morrison Home (TMHC) at Hold, Says 'Risks Downplayed'
Create E-mail Alert Related CategoriesNew Coverage
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!