Intrinsic value of Seattle Genetics - SGEN

Previous Close

$46.30

  Intrinsic Value

$1.12

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-30%

Previous close

$46.30

 
Intrinsic value

$1.12

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-30%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SGEN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  24.04
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  418
  426
  436
  447
  460
  474
  489
  506
  524
  543
  564
  586
  610
  636
  663
  691
  721
  754
  787
  823
  861
  901
  943
  987
  1,034
  1,083
  1,135
  1,190
  1,247
  1,308
  1,371
Variable operating expenses, $m
 
  543
  555
  570
  586
  603
  623
  644
  667
  692
  718
  747
  777
  809
  843
  880
  918
  959
  1,002
  1,048
  1,096
  1,147
  1,201
  1,257
  1,317
  1,379
  1,445
  1,515
  1,588
  1,665
  1,745
Fixed operating expenses, $m
 
  31
  32
  32
  33
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
Total operating expenses, $m
  561
  574
  587
  602
  619
  637
  658
  680
  704
  729
  756
  786
  817
  850
  885
  923
  963
  1,005
  1,049
  1,096
  1,145
  1,197
  1,253
  1,310
  1,371
  1,435
  1,502
  1,573
  1,648
  1,726
  1,808
Operating income, $m
  -143
  -147
  -151
  -154
  -159
  -163
  -168
  -174
  -180
  -186
  -192
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -262
  -273
  -284
  -296
  -309
  -323
  -337
  -351
  -367
  -383
  -400
  -418
  -437
EBITDA, $m
  -125
  -141
  -145
  -148
  -152
  -157
  -162
  -167
  -172
  -178
  -185
  -191
  -199
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -322
  -336
  -351
  -367
  -383
  -400
  -418
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
Earnings before tax, $m
  -140
  -147
  -151
  -155
  -159
  -164
  -169
  -175
  -181
  -188
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -257
  -267
  -279
  -291
  -304
  -317
  -331
  -346
  -362
  -378
  -395
  -414
  -433
  -452
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -140
  -147
  -151
  -155
  -159
  -164
  -169
  -175
  -181
  -188
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -257
  -267
  -279
  -291
  -304
  -317
  -331
  -346
  -362
  -378
  -395
  -414
  -433
  -452

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  589
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  838
  254
  260
  266
  274
  282
  291
  301
  312
  324
  336
  349
  363
  379
  395
  412
  430
  449
  469
  490
  513
  537
  562
  588
  616
  645
  676
  709
  743
  779
  817
Adjusted assets (=assets-cash), $m
  249
  254
  260
  266
  274
  282
  291
  301
  312
  324
  336
  349
  363
  379
  395
  412
  430
  449
  469
  490
  513
  537
  562
  588
  616
  645
  676
  709
  743
  779
  817
Revenue / Adjusted assets
  1.679
  1.677
  1.677
  1.680
  1.679
  1.681
  1.680
  1.681
  1.679
  1.676
  1.679
  1.679
  1.680
  1.678
  1.678
  1.677
  1.677
  1.679
  1.678
  1.680
  1.678
  1.678
  1.678
  1.679
  1.679
  1.679
  1.679
  1.678
  1.678
  1.679
  1.678
Average production assets, $m
  58
  59
  60
  62
  63
  65
  68
  70
  72
  75
  78
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  124
  130
  136
  143
  150
  157
  164
  172
  180
  189
Working capital, $m
  586
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Total debt, $m
  0
  4
  9
  14
  20
  27
  35
  43
  52
  61
  71
  82
  94
  106
  119
  133
  148
  164
  180
  198
  216
  235
  256
  278
  300
  324
  350
  376
  404
  434
  465
Total liabilities, $m
  204
  208
  213
  218
  224
  231
  239
  247
  256
  265
  275
  286
  298
  310
  323
  337
  352
  368
  384
  402
  420
  439
  460
  482
  504
  528
  554
  580
  608
  638
  669
Total equity, $m
  634
  46
  47
  48
  50
  51
  53
  55
  56
  59
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  148
Total liabilities and equity, $m
  838
  254
  260
  266
  274
  282
  292
  302
  312
  324
  336
  349
  364
  379
  394
  412
  430
  449
  469
  491
  513
  536
  562
  588
  615
  645
  676
  708
  742
  779
  817
Debt-to-equity ratio
  0.000
  0.090
  0.190
  0.290
  0.410
  0.530
  0.660
  0.780
  0.910
  1.040
  1.170
  1.300
  1.420
  1.550
  1.670
  1.790
  1.900
  2.010
  2.120
  2.230
  2.330
  2.420
  2.520
  2.610
  2.700
  2.780
  2.860
  2.930
  3.010
  3.080
  3.140
Adjusted equity ratio
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -140
  -147
  -151
  -155
  -159
  -164
  -169
  -175
  -181
  -188
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -257
  -267
  -279
  -291
  -304
  -317
  -331
  -346
  -362
  -378
  -395
  -414
  -433
  -452
Depreciation, amort., depletion, $m
  18
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
Funds from operations, $m
  -128
  -141
  -145
  -149
  -153
  -157
  -163
  -168
  -174
  -180
  -187
  -194
  -201
  -209
  -218
  -227
  -236
  -246
  -257
  -268
  -279
  -291
  -304
  -318
  -332
  -347
  -363
  -379
  -396
  -414
  -434
Change in working capital, $m
  -31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  -97
  -141
  -145
  -148
  -153
  -157
  -162
  -168
  -174
  -180
  -187
  -194
  -201
  -209
  -218
  -227
  -236
  -246
  -256
  -267
  -279
  -291
  -304
  -318
  -332
  -347
  -362
  -379
  -396
  -414
  -433
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
New CAPEX, $m
  -28
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
Cash from investing activities, $m
  68
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -24
  -25
  -27
Free cash flow, $m
  -29
  -148
  -152
  -156
  -161
  -166
  -171
  -177
  -183
  -190
  -197
  -205
  -213
  -221
  -230
  -240
  -250
  -260
  -271
  -283
  -296
  -309
  -322
  -337
  -352
  -368
  -384
  -402
  -420
  -440
  -460
Issuance/(repayment) of debt, $m
  0
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  29
  31
Issuance/(repurchase) of shares, $m
  35
  148
  152
  156
  161
  166
  171
  177
  183
  190
  197
  204
  212
  221
  230
  239
  249
  260
  271
  283
  295
  308
  322
  336
  351
  367
  384
  401
  420
  439
  459
Cash from financing (excl. dividends), $m  
  35
  152
  157
  161
  167
  173
  178
  185
  192
  199
  207
  215
  224
  233
  243
  253
  264
  276
  288
  300
  313
  327
  343
  358
  374
  391
  409
  428
  448
  468
  490
Total cash flow (excl. dividends), $m
  6
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
Retained Cash Flow (-), $m
  52
  -148
  -152
  -156
  -161
  -166
  -171
  -177
  -183
  -190
  -197
  -204
  -212
  -221
  -230
  -239
  -249
  -260
  -271
  -283
  -295
  -308
  -322
  -336
  -351
  -367
  -384
  -401
  -420
  -439
  -459
Prev. year cash balance distribution, $m
 
  589
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  445
  -147
  -151
  -155
  -159
  -164
  -169
  -174
  -180
  -187
  -194
  -201
  -209
  -217
  -226
  -235
  -245
  -255
  -266
  -277
  -289
  -302
  -315
  -329
  -344
  -359
  -375
  -392
  -410
  -429
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  426
  -135
  -131
  -127
  -123
  -119
  -114
  -109
  -104
  -98
  -92
  -86
  -79
  -73
  -66
  -60
  -53
  -47
  -41
  -35
  -30
  -25
  -21
  -17
  -13
  -10
  -8
  -6
  -4
  -3
Current shareholders' claim on cash, %
  100
  75.2
  56.6
  42.5
  31.9
  23.9
  17.9
  13.4
  10.0
  7.5
  5.6
  4.2
  3.2
  2.4
  1.8
  1.3
  1.0
  0.7
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

Seattle Genetics, Inc., a biotechnology company, develops and commercializes targeted therapies to treat cancer worldwide. It markets ADCETRIS, an antibody-drug conjugate for relapsed Hodgkin lymphoma and relapsed systemic anaplastic large cell lymphoma. The company also develops SGN-CD33A that is in Phase III clinical trial to evaluate SGN-CD33A in combination with combination with hypomethylating agents in previously untreated older patients, as well as in Phase 1/2 clinical trial for patients with relapsed or refractory acute myeloid leukemia (AML); ASG-22ME, which is in Phase I clinical trial for Nectin-4-positive solid tumors, including bladder cancer; SGN-LIV1A that is in Phase 1 clinical trial for patients with LIV-1-positive metastatic breast cancer; and SGN-CD19A, which is in Phase II clinical trial for patients with relapsed DLBCL, as well as in Phase II trial for patients with relapsed DLBCL. In addition, it is involved developing SEA-CD40 that is in Phase I clinical trial for patients with solid tumors and hematologic malignancies; SGN-CD19B, which is in Phase I clinical trial ongoing for patients with relapsed or refractory aggressive B-cell non-Hodgkin lymphoma; SGN-CD123A that is in Phase I trial for patients with relapsed or refractory AML; SGN-CD352A, which is in Phase I clinical trial for patients with relapsed or refractory multiple myeloma; SGN-2FF that is in Phase I clinical trial for patients with advanced solid tumors; and ASG-15ME that is in Phase I clinical trial for patients with urothelial cancer. The company has collaborations for its ADC technology with various biotechnology and pharmaceutical companies, including AbbVie Biotechnology Ltd.; Bayer Pharma AG; Celldex Therapeutics, Inc.; Genentech, Inc.; GlaxoSmithKline LLC; Pfizer, Inc.; and Unum Therapeutics, Inc., as well as has co-development agreement with Agensys, Inc. and Genmab A/S. Seattle Genetics, Inc. was founded in 1998 and is headquartered in Bothell, Washington.

FINANCIAL RATIOS  of  Seattle Genetics (SGEN)

Valuation Ratios
P/E Ratio -47
Price to Sales 15.7
Price to Book 10.4
Price to Tangible Book
Price to Cash Flow -67.9
Price to Free Cash Flow -52.7
Growth Rates
Sales Growth Rate 24%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 115.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -16.2%
Ret/ On Assets - 3 Yr. Avg. -16.7%
Return On Total Capital -21.2%
Ret/ On T. Cap. - 3 Yr. Avg. -27.5%
Return On Equity -21.2%
Return On Equity - 3 Yr. Avg. -27.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 90%
Gross Margin - 3 Yr. Avg. 89.5%
EBITDA Margin -29.2%
EBITDA Margin - 3 Yr. Avg. -27.5%
Operating Margin -34.2%
Oper. Margin - 3 Yr. Avg. -32.3%
Pre-Tax Margin -33.5%
Pre-Tax Margin - 3 Yr. Avg. -31.9%
Net Profit Margin -33.5%
Net Profit Margin - 3 Yr. Avg. -31.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SGEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SGEN stock intrinsic value calculation we used $418 million for the last fiscal year's total revenue generated by Seattle Genetics. The default revenue input number comes from 2016 income statement of Seattle Genetics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SGEN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SGEN is calculated based on our internal credit rating of Seattle Genetics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Seattle Genetics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SGEN stock the variable cost ratio is equal to 127.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $30 million in the base year in the intrinsic value calculation for SGEN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Seattle Genetics.

Corporate tax rate of 27% is the nominal tax rate for Seattle Genetics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SGEN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SGEN are equal to 13.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Seattle Genetics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SGEN is equal to -0.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $634 million for Seattle Genetics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 141.924 million for Seattle Genetics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Seattle Genetics at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Seattle Genetics reports 2Q loss   [Jul-27-17 05:58PM  Associated Press]
▶ What Analysts Recommend for United Therapeutics in June 2017   [Jul-04-17 10:37AM  Market Realist]
▶ Biotech Rally Stumbles As These Small Caps Pull Back   [04:10PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [12:14PM  Briefing.com]
▶ Seattle Genetics Plunges After Issuing Stage 3 Trial Results   [05:34AM  Investor's Business Daily]
▶ Updates on the Adcetris and Opdivo Combination   [Jun-20-17 03:36PM  Market Realist]
▶ Apple, PerkinElmer rise; EQT, Seattle Genetics fall   [Jun-19-17 05:21PM  Associated Press]
▶ Immunomedics Breaks Out, But Will It Last?   [06:00AM  Investopedia]
▶ Immunomedics, Seattle Genetics Scrap License Deal   [May-05-17 04:32PM  TheStreet.com]
▶ Why Immunomedics, Inc. Rocketed Today   [01:57PM  Motley Fool]
▶ Seattle Genetics reports 1Q loss   [Apr-27-17 04:04PM  Associated Press]
▶ Why Immunomedics, Inc. Got Hammered Today   [Apr-21-17 06:52PM  Motley Fool]
▶ New Strong Sell Stocks for April 3rd   [Apr-03-17 10:06AM  Zacks]
▶ Battle in the Boardroom: What's Next for Immunomedics   [Mar-28-17 02:06PM  Motley Fool]
Stock chart of SGEN Financial statements of SGEN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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