UPDATE: Oppenheimer Raising Its Price Target On Seattle Genetics (SGEN

Oppenheimer & Co. is raising its price target on shares of Seattle Genetics SGEN to $24 from $21, and it is keeping its Outperform rating on shares. In a note to clients, Oppenheimer & Co. writes, "On 7/14, an FDA Advisory Committee (AdCom) voted unanimously (10-0) in favor of accelerated approval of SGEN's Adcetris in post-autologous stem cell transplant (ASCT) relapsed/refractory Hodgkin's lymphoma (HL) and anaplastic large cell lymphoma (ALCL). The AdCom focused on Adcetris' very compelling efficacy in HL/ALCL and acceptable side effect profile. The AdCom discussed trials needed for full approval, and we believe SGEN's AETHERA trial may need modifications to serve as a confirmatory HL/ALCL trial. However, we believe accelerated approval is highly likely by the 8/30 PDUFA, leading to rapid Adcetris market adoption. We expect meaningful upside in SGEN on this news, and are raising our PT to $24, from $21, on clarity regarding approval and higher ALCL estimates." Shares of SGEN are down $1.23 in pre-market trading to $19.10, a loss of 6.05%.