Truist sees potential pressure on Seagen’s Padcev in Q4

A survey of 51 of oncologists and urologists shows Seagen’s (SGEN) Padcev and Gilead’s Trodelvy are favored similarly versus the consensus belief that Padcev is favored in treating metastatic bladder cancer, Truist analyst Asthika Goonewarden tells investors in a research note. The analyst sees potential pressure on Padcev sales and thinks it could be more pronounced in Q4. Padcev is often viewed as the more efficacious antibody-drug conjugate over Trodelvy, but a large proportion of doctors see both are similar in terms of safety, says the firm. Truist trimmed its Padcev revenue estimate for Q4 to $111M and keeps a Hold rating on Seagen with a $35 price target.