Morgan Stanley Calls Seagen (SGEN) A Catalyst Driven Idea for 'Pivotal Padcev Data in 1L Bladder Cancer'

Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating and $173.00 price target on Seagen (NASDAQ: SGEN).

The analyst comments "Padcev (Enfortumab vedotin or EV) is an antibody-drug conjugate designed for the treatment of cancer expressing Nectin-4 (a cell surface protein expressed on many solid tumors especially on bladder cancers). EV-103cohort K is the cohort of a multi-cohort, open-label, multicenter phase 1b/2trial assessing EV as monotherapy or in combination with pembrolizumab in 1Lcisplatin-ineligible locally advanced or metastatic urothelial cancer (la/mUC ) patients. Efficacy is assessed based on objective response rate (ORR). The study enrolled 151 patients with 1: 1 randomization to the combo or monotherapy arms. Depending on the results, the company may apply for accelerated approval.We believe an ORR ≥ 55% with good durability(6mo+) could allow for accelerated approval. Our base case expectation is that the combo arm will achieve a positive outcome (ORR ~ 55% - 65%), but not the monotherapy arm."

For an analyst ratings summary and ratings history on Seagen click here. For more ratings news on Seagen click here.

Shares of Seagen closed at $165.45 yesterday.

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