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Needham & Company Assumes Coverage on Seattle Genetics (SGEN) at Buy; 3Q11 Review and ASH Meeting Preview

November 11, 2011 9:12 AM EST Send to a Friend
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Price: $43.51 -0.14%

Rating Summary:
    7 Buy, 5 Hold, 10 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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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.





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