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Seattle Genetics Inc. Message Board

  • biogynecologist biogynecologist Nov 13, 2012 10:28 AM Flag

    New Credit Suisse Rating

    Adcetris and First Indications Are Tip of an Iceberg; INITIATING Coverage with an OUTPERFORM Rating & Target Price of $28
    􀂃 We Are Initiating Coverage of Seattle Genetics with an Outperform Rating and $28 Target Price: We view SGEN as a mustown
    pure-play antibody company, with a leadership position in the field of antibody-drug conjugates, an area of increasing
    investor and pharmaceutical company interest.
    􀂃 Tip of the Iceberg Thesis: We see continued long-term upside from:
    􀂃 Market expansion for Adcetris in earlier lines of treatment;
    􀂃 Market expansion for Adcetris in new CD30+ indications;
    􀂃 Advancement of its proprietary and partnered programs with a substantial increase in data flow in 2013 and beyond;
    􀂃 Increased investor confidence in new value drivers.
    􀂃 Catalysts: Data flow at upcoming meetings including ASH in December, EHA and ASCO in June, and ESMO in September
    will provide venues for updated Adcetris results and new clinical data from the pipeline. The likely accumulation of positive
    data across multiple drugs should increase confidence in ongoing Phase III trials and the value currently assigned to the
    technology/pipeline. Quarterly sales are important in the near-term, but not as important as investor confidence in market
    expansion opportunities
    􀂃 Valuation: Our $28 target price is based on a DCF sum of the parts, including $18 for Adcetris, probability adjusted across
    multiple indications, $8 for the pipeline/technology, and $2 for its net cash.
    Adcetris and First Indications Are Tip of an Iceberg; INITIATING Coverage with an OUTPERFORM Rating & Target Price of $28
    􀂃 We Are Initiating Coverage of Seattle Genetics with an Outperform Rating and $28 Target Price: We view SGEN as a mustown
    pure-play antibody company, with a leadership position in the field of antibody-drug conjugates, an area of increasing
    investor and pharmaceutical company interest.
    􀂃 Tip of the Iceberg Thesis: We see continued long-term upside from:
    􀂃 Market expansion for Adcetris in earlier lines of treatment;
    􀂃 Market expansion for Adcetris in new CD30+ indications;
    􀂃 Advancement of its proprietary and partnered programs with a substantial increase in data flow in 2013 and beyond;
    􀂃 Increased investor confidence in new value drivers.
    􀂃 Catalysts: Data flow at upcoming meetings including ASH in December, EHA and ASCO in June, and ESMO in September
    will provide venues for updated Adcetris results and new clinical data from the pipeline. The likely accumulation of positive
    data across multiple drugs should increase confidence in ongoing Phase III trials and the value currently assigned to the
    technology/pipeline. Quarterly sales are important in the near-term, but not as important as investor confidence in market
    expansion opportunities
    􀂃 Valuation: Our $28 target price is based on a DCF sum of the parts, including $18 for Adcetris, probability adjusted across
    multiple indications, $8 for the pipeline/technology, and $2 for its net cash.
    Adcetris and First Indications Are Tip of an Iceberg; INITIATING Coverage with an OUTPERFORM Rating & Target Price of $28
    􀂃 We Are Initiating Coverage of Seattle Genetics with an Outperform Rating and $28 Target Price: We view SGEN as a mustown
    pure-play antibody company, with a leadership position in the field of antibody-drug conjugates, an area of increasing
    investor and pharmaceutical company interest.
    􀂃 Tip of the Iceberg Thesis: We see continued long-term upside from:
    􀂃 Market expansion for Adcetris in earlier lines of treatment;
    􀂃 Market expansion for Adcetris in new CD30+ indications;
    􀂃 Advancement of its proprietary and partnered programs with a substantial increase in data flow in 2013 and beyond;
    􀂃 Increased investor confidence in new value drivers.
    􀂃 Catalysts: Data flow at upcoming meetings including ASH in December, EHA and ASCO in June, and ESMO in September
    will provide venues for updated Adcetris results and new clinical data from the pipeline. The likely accumulation of positive
    data across multiple drugs should increase confidence in ongoing Phase III trials and the value currently assigned to the
    technology/pipeline. Quarterly sales are important in the near-term, but not as important as investor confidence in market
    expansion opportunities
    􀂃 Valuation: Our $28 target price is based on a DCF sum of the parts, including $18 for Adcetris, probability adjusted across
    multiple indications, $8 for the pipeline/technology, and $2 for its net cash.

    Sentiment: Strong Buy

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