Needham & Company Reiterates a 'Buy' on Seattle Genetics (SGEN); 2012 Preview

Needham & Company reiterates a 'Buy' on Seattle Genetics (NASDAQ: SGEN) price target of $20.00.

Needham analyst says, "SGEN launched Adcetris in August 2011 for the treatment of r/r HL and r/r ALCL, reporting $10M in U.S. sales in 3Q11. Because of the drug’s generally impressive efficacy/safety profile, we believe long-term prospects are favorable, with a potential move to front-line, retreatment and maintenance settings across CD30+ cancers...Our 4Q11 and 2012 U.S. Adcetris sales estimates are $15M and $74M (unchanged). The Adcetris MAA was accepted by the EMA in June 2011. We expect approval in Europe in 2H12."

"The company initiated Phase 2 trials of Adcetris in CD30+ B-cell Non-Hodgkin’s Lymphoma and CD30+ non-lymphoma tumors in 2011 to gauge prevalence and assess efficacy in these indications. Initial results may be available in 2012...The company ended 3Q11 with $375M cash, down from $424M in 2Q11."

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 $17.41 yesterday.

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