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Biotech / Medical : Seattle Genetics (SGEN)

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To: keokalani'nui who started this subject7/30/2004 12:02:59 AM
From: mopgcw   of 161
 
WRH: SOLID FUNDAMENTALS; COMPELLING VALUATION; REITERATE BUY
2004-07-28 09:05 (New York)

We reiterate our Buy rating based on recent company developments, strong
fundamentals, and compelling valuation. Our positive thesis remains intact
given the company's industry-leading technology, multiple proprietary
clinical candidates, key partnerships, internal drug development
expertise, and numerous partnering opportunities. We expect clinical data
presentations in December 2004 and one or more partnering announcements in
H2:04 to create shareholder value in the near- to mid-term. We reiterate
our Buy rating and $16 price target, or 34x our 2009 EPS estimate of
$1.36, discounted at 30%.
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