Jefferies Comments on Seattle Genetics After Approval of Adcetris

Jefferies has published a research report on Seattle Genetics SGEN. In the report, Jefferies wrote, "In spite of a unanimous FDA panel recommendation, there has been pressure on SGEN shares for two reasons. First, there was significant concern about a potential delay in Adcetris approval, given the need for SGEN to propose a new postmarketing confirmatory trial plan, one of the key requirements under accelerated approval, prior to the August 30 FDA action date." Jefferies rated Seattle Genetics a BUY with a price target of $24.00. Seattle Genetics closed Friday at $15.04.