Cowen Raises Price Target on Seattle Genetics (SGEN) Following 2Q15

Cowen reiterated a Market Perform rating on Seattle Genetics (NASDAQ: SGEN), and raises the price target to $40.50 (from $34.00), following 2Q15 results. SGEN posted Adcetris sales of $55.1M for 2Q15, ahead of consensus $50.9M estimates.

Analyst Boris Peaker commented, "SGEN reported 2Q15 results. Adcetris had a strong quarter ($55M; +23% Y/Y) and has already seen some post-transplant use ahead of the August 18th PDUFA. Management discussed development plans for SGN-CD33A and suggested the potential for accelerated approval and plans to have an end of Phase I meeting with the FDA by YE. We maintain at Market Perform."

For an analyst ratings summary and ratings history on Seattle Genetics click here. For more ratings news on Seattle Genetics click here.

Shares of Seattle Genetics closed at $47.34 yesterday.

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