Piper Jaffray Overweight On Seattle Genetics

Piper Jaffray is out with a research report on Seattle Genetics Inc. SGEN and it has an Overweight rating and a $20 price target on shares. In a note to clients, Piper Jaffray writes, "On Friday August 19th, the FDA granted accelerated approval for ADCETRIS (Brentuximab vedotin) in relapsed/refractory Hodgkin's lymphoma and ALCL. This positive news was a surprise in that it came ahead of the August 30th PDUFA date. In addition, the label in Hodgkin's patients was broader than anticipated following the July ODAC panel permitting ADCETRIS utilization in the majority of relapsed/refractory patients. We expect SGEN management to announce ADCETRIS pricing on Monday's 8:30AM ET conference call and provide more details on the SeaGen Secure patient assistance program." Shares of SGEN gained $1.09 on Friday to close at $15.04.