Needham & Company Reiterates a 'Buy' on Seattle Genetics (SGEN); Impressive First Full Quarter of Adcetris Sales
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Price: $228.74 --0%
Rating Summary:
10 Buy, 18 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 18 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Seattle Genetics (NASDAQ: SGEN) price target of $20.00.
Analyst, Alan Carr, said, "SGEN reported $33.2M in 4Q11 Adcetris sales, above sell-side $25.9M consensus. This was the first full quarter of sales for the drug. Management did not provide 2012 sales guidance, but expects to be able to do so later this year...We expect continued adoption in r/r HL and r/r ALCL in the near term, with increasing commercial interest over time in maintenance, retreatment and possibly front-line settings. Greater than expected penetration of the community hospital setting is a positive, given the opportunity for longer duration therapy. Management is leveraging physician interest in the drug to drive a publication strategy that may accelerate inclusion in guidelines and reimbursement. Five investigator-sponsored trials are under way, with 8-10 more expected in 2012."
Needham raises FY12 EPS estimate from (1.22) to $0.02. Also raises U.S. Adcetris sales estimates from $74M to $217M.
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 $18.96 yesterday.
Analyst, Alan Carr, said, "SGEN reported $33.2M in 4Q11 Adcetris sales, above sell-side $25.9M consensus. This was the first full quarter of sales for the drug. Management did not provide 2012 sales guidance, but expects to be able to do so later this year...We expect continued adoption in r/r HL and r/r ALCL in the near term, with increasing commercial interest over time in maintenance, retreatment and possibly front-line settings. Greater than expected penetration of the community hospital setting is a positive, given the opportunity for longer duration therapy. Management is leveraging physician interest in the drug to drive a publication strategy that may accelerate inclusion in guidelines and reimbursement. Five investigator-sponsored trials are under way, with 8-10 more expected in 2012."
Needham raises FY12 EPS estimate from (1.22) to $0.02. Also raises U.S. Adcetris sales estimates from $74M to $217M.
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 $18.96 yesterday.
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