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Biotech / Medical : Seattle Genetics (SGEN)

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From: John McCarthy	11/29/2005 12:58:28 PM
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Seattle Genetics Seen With Long-Term Positive Outlook Maya Roney, 11.29.05, 12:41 PM ET Seattle Genetics Banc of America research analyst David Witzke initiated coverage on Seattle Genetics (nasdaq: SGEN - news - people ) with a "neutral" rating and $6 price target. "We have a long-term positive outlook on Seattle Genetics but look for better visibility on a product that has a clear path to market in a substantial indication before becoming more positive," said the analyst. Seattle Genetics has an early-stage pipeline of monoclonal antibodies being developed for the treatment of various blood cancers along with a proprietary antibody-drug conjugate technology that it has out-licensed broadly. The company's two most advanced products, SGN-30 and SGN-40, will be presented at the upcoming American Society of Hematology meeting in Atlanta (Dec. 10 through 13). "While we expect encouraging data to be presented at the upcoming ASH meeting on the company's two most advanced products, we note that the initial indication is small and targets on the order of several thousand patients," said Witzke. SGN-30 is initially being developed in a small indication (anaplastic large cell lymphoma) and SGN-40 is at an early stage of development in larger but highly competitive markets (multiple myeloma, non-Hodgkin's lymphoma). In its coverage of biotechnology, Banc of America's two top picks are Human Genome Sciences (nasdaq: HGSI - news - people ) and Genentech (nyse: DNA - news - people ), both rated at "buy" with respective price targets of $17 and $105. The firm's least favorite is Vertex Pharmaceuticals (nasdaq: VRTX - news - people ), rated at "sell" with a price target of $19. forbes.com

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