Read Why This Analyst Is 'Encouraged' By Seagen's Q1 Sales

Following Seagen Inc's SGEN 1Q22 earnings release, RBC Capital Markets is encouraged by the quarterly sales of the product portfolio in light of previously set cautious guidance.
The analysts have raised the price target to $136 from $132, with the Sector Perform rating unchanged.
Though the reiteration of the FY guide confirms performance remains on a plan over a year of execution and ramping readouts.
Seagen reported Q1 product sales of $383.1 million, up 27% Y/Y, primarily driven by PADCEV growth.
Total sales reached $426 million, beating the consensus of $401.27 million. EPS loss of $(0.74) came in better than the consensus loss of $(1.00).
Seagen expects FY22 total sales of $1.66 billion - $1.75 billion, versus the consensus of $1.78 billion.
The analysts note that while the solid 1Q cushions near-term hesitancy, they anticipate competition from AstraZeneca Plc's AZN Enhurtu.
Price Action: SGEN shares are up 1.30% at $131.92 during the market session on the last check Friday.

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