UPDATE: Jefferies Raises PT on Seattle Genetics to $25

Jefferies is out with its report today on Seattle Genetics SGEN, raising its PT from $22 to $25. In a note to clients, Jefferies writes, "We are raising our sum-of-parts PT from $22 ($15 Adcetris+ $3 collaborations+ $4 cash) to $25 ($18 Adcetris+ $3 collaborations+ $4 cash), based on a higher probability of success for Adcetris and our customary practice to shift our DCF by 0.5 discount periods at mid-year." At the time of posting, shares of SGEN were trading pre-market at $19, down 6.54% from Thursday's close.