Jefferies Says Buy Seattle Genetics

Jefferies & Co. has a Buy rating and a $22 price target on shares of Seattle Genetics SGEN. In a note to clients, Jefferies & Co. writes, "We are encouraged that the FDA briefing documents for Adcetris are benign on key efficacy and safety analyses. We would be buyers of the stock especially on today's weakness, as the two main issues for investors (whether the FDA will allow a second-line Hodgkin's lymphoma indication and the absence of a confirmatory study proposal in the ALCL setting) do not affect our positive outlook for Adcetris." At last check, shares of SGEN are off 78 cents to $19.75, a loss of 3.85%.