Piper Jaffray analyst Joseph Catanzaro says the question of whether Q4 is an easy beat for Seattle Genetics’ Adcetris has been raised after the drug received a label expansion in mid-November to include the E-2 first-line peripheral T-cell lymphoma setting. The analyst expects the new label to contribute to a Q4 Adcetris beat as consensus estimates are largely unchanged since the news. However, how much and where 2019 guidance falls will point to expectations for E-2 moving forward, Catanzaro tells investors in a research note. He believes $137M-plus in Q4 sales and 2019 guidance of $660M-plus “would be very positive numbers” for Adcetris. The analyst keeps a Neutral rating on Seattle Genetics with a $66 price target.
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