Seagen (SGEN) PT Lowered to $158 at Stifel on Slowing Launch Trajectories
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Stifel analyst Stephen Willey lowered the price target on Seagen (NASDAQ: SGEN) to $158.00 (from $165.00) on slowing launch trajectories and limited news flow expected through out FY21.
The analyst reiterated the Hold rating, stating "We expect management’s FY21 product revenue guidance to appropriately remain the focal point of investor interest/discussion following SGEN’s 4Q20 EPS print – with management’s near-term outlook for the two recently-launched products contributing significantly to the longer-term narrative here (PADCEV and TUKYSA) coming in well-below our/Consensus expectations (particularly PADCEV). While acknowledging the peak opportunity for each of these assets ultimately remains dependent on future label expansion via ongoing trials."
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