- BMO Capital Markets upgraded Seagen Inc (NASDAQ:SGEN) from Market Perform to Outperform with a price target of $178 from $177, saying the core business is undervalued.
- BMO forecasts SGEN’s commercial portfolio to deliver $1.6 billion in product sales in 2022, relatively in line with consensus, and estimates sales of ~$5.3 billion in 2026, above the consensus of ~$4.9 billion.
- The main longer-term revenue driver is Padcev (enfortumab vedotin), expected to deliver sales of ~$2.1 billion in 2026 vs. a consensus of $1.9 billion.
- Padcev expansion into tumors beyond bladder cancer would represent an upside to the analyst estimates.
- Recently announced Padcev data in bladder cancer showed a 64.5% confirmed objective response rate (ORR), the primary endpoint of Cohort K.
- The analyst also notes that a permanent replacement of the CEO may provide clarity to SGEN’s longer-term strategy in the wake of cooling discussions with Merck & Co Inc (NYSE:MRK) on a potential buyout.
- Price Action: SGEN shares are up 2.19% at $133.81 on the last check Tuesday.
$3.8B Ethereum (ETH) Burned Since EIP-1559: What It Means
On-chain data shows that more than 2.6 million Ethereum (CRYPTO: ETH), worth around $3.8 billion at current prices, has been burned to date.
