Seagen stock has had VERY bullish price action on February 16, 2023. In this article we explain why as we dive into more research about the company.
Seagen Stock
A fade the gap up over the 200 day moving average trade is on in Seagen stock. On February 16, 2023, the company reported EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... beats and the stock got ahead of itself to the upside as analysts poured on the bullish commentary. Short-term, traders are fading the gap up with anticipation that profit takers will move the back down closer to its 200 day moving average. Long-term, the technical uptrend remains intact.
Seagen Reports Fourth Quarter and Full Year 2022 Financial Results
Seagen reported Q4 EPS of (80c) versus the consensus estimate of ($1.04). The company reported Q4 revenue of $528.2M versus the consensus estimate of $479.7M.
“We delivered total revenue of nearly $2 billion in 2022, reflecting 25 percent growth compared to 2021 driven by strong demand for our portfolio of approved products,” said David Epstein, Chief Executive Officer of Seagen.
“We made excellent progress in growing our four marketed brands. Importantly, the FDA is currently reviewing our supplemental regulatory submission under the accelerated approval program for PADCEV as first-line treatment for cisplatin-ineligible patients with advanced urothelial cancer, which has the potential to be a meaningful growth driver for the brand. We anticipate multiple key data and regulatory catalysts in 2023, which will provide a path for us to build a more global oncology leader with the potential to address the needs of still larger populations of cancer patients.”
Seagen Stock Upgraded at Raymond James
Dane Leone, an analyst for Raymond James, raised Seagen’s rating from Outperform to Strong Buy on February 16, 2023. His new price target was $175 as opposed to the previous $155 target. The analyst claims that later in the year, topline data for EV-302 will serve as a springboard for the potential accelerated approval of Padcev in first-line cis-ineligible patients.
In addition, data from the ongoing HER2CLIMB-04 study in conjunction with Enhertu could significantly improve the current commercial outlook, the analyst writes to investors in a research note. This trial could result in an expansion of the Tukysa label and will offer clinical and mechanistic insight into the combinability of Tukysa and ADCs. On its upcoming clinical catalysts, the company gave Seagen an upgrade.
Seagen Stock Upgraded at Evercore ISI
On February 16, 2023, Evercore ISI raised Seagen’s rating from In Line to Outperform and increased its price target from $140 to $175. The analyst added that while the company would prefer a better entry point, we don’t think we’ll get it because there are so many positive catalysts and growth drivers in the near future.
Seagen Stock Price Target Raised at RBC Capital
Gregory Renza, an analyst with RBC Capital, raised the company’s price target for Seagen from $145 to $155 on February 16, 2023, while maintaining an Outperform rating for the stock. The company’s Q4 results, which exceeded analyst expectations thanks to the commercial success of Adcetris and Tukysa, are cited by the analyst. The company also expects Padcev and Adcetris to continue growing this year, with Padcev continuing its ongoing label expansion and pipeline optionality.
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