Seattle Genetics Releases Healthy Third-Quarter Performance; Shares Slightly Overvalued
We do not expect to change our $43 per share fair value estimate, as Seattle Genetics’ encouraging third-quarter results continue to track our expectations. Quarterly revenue rose to $106 million, primarily driven by a 19% year-over-year increase in Adcetris (brentuximab vedotin) sales. Management tightened its full-year guidance, which remains in line with our model forecasts. Given the broad applicability of its antibody-drug conjugate technology and this quarter’s positive pipeline announceme...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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