Seattle Genetics initiated at Stifel

Seattle Genetics initiated with a Hold at Stifel. Stifel analyst Stephen Willey initiated Seattle Genetics with a Hold rating and a price target of $70, saying that while the company “commands a leadership position in the development of antibody-drug conjugate technology”, the current ADCETRIS estimates as “much-too-optimistic” in suggesting trajectory to sales of over $1B. The analyst adds that although the “recently-announced phase data for enfortumab vedotin will initiate Seattle Genetics’ transition to a multi-product commercial company”, he sees the “presumption of clinical/commercial success to be appropriately risk-adjusted in the stock at these levels.”

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