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News Breaks
February 5, 2014
09:02 EDTSGENSeattle Genetics achieves sales miletone under ADCETRIS collaboration
Seattle Genetics announced that it will receive a $5M milestone payment under its ADCETRIS collaboration with Takeda Pharmaceutical Company Limited. The milestone was triggered by Takeda surpassing annual ADCETRIS net sales of $100M in its territories. The milestone will be recognized as royalty revenue in 1Q14. Seattle Genetics and Takeda are jointly developing ADCETRIS. Under the terms of the collaboration agreement, Seattle Genetics has U.S. and Canadian commercialization rights and Takeda has rights to commercialize ADCETRIS in the rest of the world. Seattle Genetics is entitled to royalties based on a percentage of Takeda's net sales in its territory at rates that range from the mid-teens to the mid-twenties based on sales volume, subject to offsets for royalties paid by Takeda to third parties. In addition, Seattle Genetics is entitled to receive progress- and sales-dependent milestone payments based on net sales of ADCETRIS within Takeda’s licensed territories. Seattle Genetics and Takeda are also funding joint development costs for ADCETRIS on a 50:50 basis, except in Japan where Takeda is solely responsible for development costs.
News For SGEN From The Last 14 Days
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February 11, 2016
07:17 EDTSGENLeerink to hold a conference
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February 10, 2016
10:01 EDTSGENOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Akamai (AKAM) upgraded to Buy from Hold at Craig-Hallum... Banco Bilbao (BBVA) upgraded to Outperform from Underperform at Exane BNP Paribas... Coca-Cola (KO) upgraded to Hold from Sell at Societe Generale... Dean Foods (DF) upgraded to Outperform from Market Perform at Bernstein... Dr. Reddy's (RDY) upgraded to Buy from Underperform at CLSA... Essex Property Trust (ESS) upgraded to Hold from Sell at Zelman... FireEye (FEYE) upgraded on positive outlook at BTIG... Goodyear Tire (GT) upgraded to Outperform from Underperform at CLSA... Hess Corp. (HES) upgraded to Conviction Buy from Neutral at Goldman... Hudbay Minerals (HBM) upgraded to Buy from Hold at Canaccord... PROS (PRO) upgraded to Hold from Sell at Craig-Hallum... Press Ganey (PGND) upgraded to Outperform from Neutral at Baird... Salesforce (CRM) upgraded to Buy from Outperform at CLSA... Seattle Genetics (SGEN) upgraded to Buy from Hold at Cantor... Shire (SHPG) upgraded on valuation at RBC Capital... SolarCity (SCTY) upgraded to Strong Buy on valuation at Raymond James... Spark Energy (SPKE) upgraded to Buy from Neutral at Janney Capital... Textura (TXTR) upgraded to Hold from Sell at Benchmark... TransDigm (TDG) upgraded to Gradually Accumulate from Hold at Wellington Shields... Trimble (TRMB) upgraded to Buy from Hold at Needham... U.S. Bancorp (USB) upgraded to Outperform from Market Perform at Wells Fargo... Zurich Insurance (ZURVY) upgraded to Neutral from Underweight at JPMorgan.
07:23 EDTSGENSeattle Genetics upgraded to Buy from Hold at Cantor
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06:02 EDTSGENSeattle Genetics price target lowered to $33 from $44 at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff lowered his price target for Seattle Genetics to $33 saying Adcetris growth will slow in 2016. The analyst keeps a Neutral rating on the stock following the company's Q4 results.
February 9, 2016
19:18 EDTSGENOn The Fly: After Hours Movers
UP AFTER EARNINGS: Limelight Networks (LLNW), up 20%... Akamai Technologies (AKAM), up 15.7%... Marketo (MKTO), up 9.9%... Paycom Software (PAYC), up 13.8%... A10 Networks (ATEN), up 7.3%... Prospect Capital (PSEC), up 8.6%... Nuance Communications (NUAN), up 6.5%... Panera Bread (PNRA), up 2.8%. ALSO HIGHER: Empire District Electric (EDE), up 14.8% after Algonquin Power will acquire the company for $34.00 per share. DOWN AFTER EARNINGS: SolarCity (SCTY), down 32.6%... LeapFrog (LF), down 2%... Orion Energy Systems (OESX), down 23.8%... Seattle Genetics (SGEN), down 3.6%... Sangamo Biosciences (SGMO), down 7.1%... Disney (DIS), down 3.4%... Demandware (DWRE), down 2.6%. ALSO LOWER: Sunrun (RUN) is down 6.9%, Solaredge Technologies (SEDG) is down 6.6%, SunEdison (SUNE) is down 5.9%, Canadian Solar (CSIQ) is down 2.9%, SunPower (SPWR) is down 2.9%, and Tesla (TSLA) is down 2.2% following SolarCity's fourth quarter results.
16:06 EDTSGENSeattle Genetics sees FY16 revenue $390M-$430M, consensus $414.18M
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16:05 EDTSGENSeattle Genetics reports Q4 EPS (18c), consensus (20c)
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February 4, 2016
10:01 EDTSGENOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AT&T (T) initiated with a Buy at DA Davidson... Abaxis (ABAX) initiated with an Underperform at Credit Suisse... Aratana Therapeutics (PETX) initiated with an Outperform at Credit Suisse... Care.com (CRCM) initiated with an Equal Weight at Morgan Stanley... GCP Applied Technologies (GCP) initiated with a Buy at Jefferies... Heritage-Crystal Clean (HCCI) initiated with a Buy at Roth Capital... IDEXX (IDXX) initiated with an Outperform at Credit Suisse... Nexvet Biopharma (NVET) initiated with an Outperform at Credit Suisse... PetMed Express (PETS) initiated with an Underperform at Credit Suisse... Phibro Animal Health (PAHC) initiated with an Outperform at Credit Suisse... Pure Storage (PSTG) initiated with a Perform at Oppenheimer... SeaWorld (SEAS) initiated with a Neutral at Janney Capital... Seattle Genetics (SGEN) initiated with an Overweight at Barclays... VCA Inc. (WOOF) initiated with an Outperform at Credit Suisse... Verizon (VZ) initiated with a Neutral at DA Davidson... Zoetis (ZTS) initiated with an Outperform at Credit Suisse.
08:05 EDTSGENSeattle Genetics to receive $20M milestone payment under ADCETRIS collaboration
Seattle Genetics (SGEN) announced that it will receive a one-time $20M milestone payment under its ADCETRIS collaboration with Takeda Pharmaceutical Company Limited (TKPYY). The milestone was triggered by Takeda surpassing annual ADCETRIS net sales of $200M in its territory during 2015. The milestone will be recognized as royalty revenue in the first quarter of 2016. In addition, the company announced that the European Commission recently approved a Type II variation that includes data on the retreatment of adult patients with relapsed or refractory Hodgkin lymphoma or R/R systemic anaplastic large cell lymphoma who previously responded to ADCETRIS and who later relapse. The label update follows a positive opinion from the Committee for Medicinal Products for Human Use in October 2015.
05:36 EDTSGENSeattle Genetics initiated with an Overweight at Barclays
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