Needham & Company Reiterates a 'Buy' on Seattle Genetics (SGEN); Raising Price Target After ASCO Meeting Review

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Needham & Company reiterates a 'Buy' on Seattle Genetics (NASDAQ: SGEN) price target of $25.00 (from $20.00).

Analyst, Alan Carr, said, "Data from three ongoing company-sponsored Adcetris clinical trials were presented at the ASCO meeting earlier this week. Results from a Phase 2 retreatment trial indicate physicians can return to the drug and expect efficacy comparable to initial treatment. Encouraging signs of efficacy were seen in the first interim analysis of a Phase 2 trial in CD30+ r/r NHL patients, including r/r DLBCL (4/7 OR). Preliminary data from a large CD30 screening effort in patients with nonlymphomatous tumors suggests that CD30 prevalence is ~2%, with potential enrichment in mesothelioma and melanoma, among others."

For an analyst ratings summary and ratings history on Seattle Genetics click here. For more ratings news on Seattle Genetics click here.

Shares of Seattle Genetics closed at $22.41 yesterday, with a 52 week range of $12.29-$22.55.

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