Seattle Genetics (SGEN) Recorded Record Sales Following Label Expansion; Needham & Company Reiterates Buy
Needham & Company reiterated a Buy rating and $60.00 price target on Seattle Genetics (NASDAQ: SGEN) fallowing the company's 3Q earnings results. Adcetris reported record quarterly sales of $59 million, following the company's label expansion into post transplant Hodgkin's lymphoma (HL).
Analyst Chad Messer commented, "Following its label expansion into post transplant Hodgkin's lymphoma (HL), Adcetris reported record quarterly sales of $59 million. We expect continued growth from Adcetris as it penetrates this market and expands its label further in the coming years. Importantly, SGEN is making progress with proprietary pipeline of antibody drug conjugates (ADCs), advancing both SGN-33A and SGN-19A into mid-stage trials. We look for significant updates on these and other programs at ASH in December. We continue to view SGEN as one of the few mid-cap biotech companies with the ability to grow into a sustainable large cap drug developer."
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Shares of Seattle Genetics closed at $42.14 yesterday.