Maintaining Seattle Genetics' $46 FVE in Light of Top-Line ECHELON-1 Results
Top-line results from the pivotal 1,334-patient ECHELON-1 trial evaluating Adcetris as a front-line therapy in Hodgkin's lymphoma provided mixed news. We do not plan on changing our $46 fair value estimate and believe shares are overvalued at this time. The Adcetris-based treatment reached its primary endpoint, but the narrow magnitude of difference between the treatment and control arms leaves the commercial success of Seattle Genetics’ regimen more uncertain than we initially anticipated. This...Seattle Genetics is a biotechnology company that develops and commercializes therapies targeting cancer. The company is commercializing ADCETRIS?, or brentuximab vedotin, for the treatment of several types of lymphoma. The company is also developing a pipeline of therapies for solid tumors and blood-related cancers designed to address unmet medical needs and improve treatment outcomes for patients. Many of the company's programs, including ADCETRIS, are based on its antibody-drug conjugate (ADC), technology. The company's late-stage pipeline includes two ADCs and an oral tyrosine kinase inhibitor, for solid tumors that are in clinical trials designed to support applications for potential regulatory approvals.
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