UPDATE: Oppenheimer Raises PT on Seattle Genetics to $24

Oppenheimer is out with its report today on Seattle Genetics SGEN, raising its PT from $21 to $24. In a note to clients, Oppenheimer writes, "Our new 12- to 18-month price target for SGEN is $24 based on a ten-year DCF valuation with a free cash flow estimate of ~$200M in 2020 and a terminal free cash flow estimate of ~$3,380M using a 3.5% terminal growth rate. Our DCF uses a ~9.7% discount rate to reflect the company's clinical, regulatory and market risk. We also assign SGEN $625M in technology value for its ADC platform." At the time of posting, shares of SGEN were trading pre-market at $19, down 6.54% from Thursday's close.