Seagen (NASDAQ:SGEN) added ~15% on Thursday to reach the highest level since August after Wall Street issued positive remarks on the cancer drugmaker’s Q4 2022 results that beat expectations.
Raymond James analyst Dane Leone upgraded Seagen (SGEN) to Strong Buy from Outperform, citing the financials and key milestones expected from the company this year, including potential label expansion for bladder cancer drug Padcev. Leone raised his price target on the stock to $175 from $155 per share.
A marketing application for Padcev/ Keytruda combination is currently under FDA review as a first-line treatment for certain patients with urothelial cancer who are ineligible to receive cisplatin-based chemotherapy.
The regulator is expected to make a decision on or before Apr. 21, Seagen (SGEN) announced with its partners Merck (MRK) and Astellas Pharma (OTCPK:ALPMF) (OTCPK:ALPMY) in December.
Meanwhile, Stifel, Cowen, and BMO Capital Markets were among other firms to raise price targets on the stock after the earnings.
The analyst Stephen Willey from Stifel, with a Hold rating on the stock, argues that the company’s new chief executive David Epstein “aced” his first conference call at the helm. Citing confidence in potential approval for Padcev, Willey raised the price target on Seagen (SGEN) to $157 from $147.
Cowen analyst Boris Peaker who has a Market Perform rating on the stock, argues that the company’s revenue guidance didn’t include Padcev label expansion. Peaker lifted his price target to $179 from $177 per share.
Read: Seeking Alpha contributor Dan Victor wrote in December that Seagen (SGEN) “has not been this “cheap” at any time over the past decade.”