UPDATE: Bank Of America Raises Price Target On Seattle Genetics To $19

According to Bank of America, Seattle Genetics SGEN price target is raised to $19. Bank of America said that it is increasing its PO from $17 to $19 after finding that the prior model double-counted dilutive options. “Our corrected model assumes 11% dilution from outstanding options and an additional 5% dilution from an expected equity raise in 12 months. Our positive outlook on expected robust demand for SGEN's recently approved cancer drug Adcetris remains unchanged, and we are not changing our sales estimates at this time.” Seattle Genetics closed yesterday at $17.28.