Needham & Company Reiterate Buy on Seattle Genetics (SGEN) Following Adcetris Approval

Needham & Company reiterated a Buy rating and $60.00 price target on Seattle Genetics (NASDAQ: SGEN) following the announced approval of Adcetris in Hodgkin's Lymphoma patients with high risk for relapse after stem cell transplant. Approval in this indication was based on the AETHERA trial showing a showing a PFS of 42.9 months with Adcetris versus 24.1 months on placebo. Analyst Chad Messer believes that this approval will further boost sales.

Analyst Chad Messer commented, "As expected, Seattle Genetics announced the approval of Adcetris in Hodgkin's Lymphoma (HL) patients with high risk for relapse after stem cell transplant, making it the 3rd indication for Adcetris. The PDUFA date was today (8/18/2015). Approval in this indication was based on the AETHERA trial showing a showing a PFS of 42.9 months with Adcetris versus 24.1 months on placebo. We continue to look for updated OS analysis in 2016. Adcetris is reportedly already being used in HL patients in the AETHERA setting after its addition to the compendia. We believe that this approval will further boost sales and reiterate our BUY rating."

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 $46.45 yesterday.

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