UPDATE: RBC Capital Upgrades Seagen (SGEN) to Outperform

(Updated - August 15, 2022 5:08 PM EDT)

RBC Capital analyst Kennen MacKay upgraded Seagen (NASDAQ: SGEN) from Sector Perform to Outperform with a price target of $188.00 (from $179.00).

The analyst comments "Recent pullback on the arbitration decision is presenting a nearer-term opportunity, in our view, as SGEN’s CEO search continues and the company's position as an attractive strategic target is too intriguing to ignore. We are upgrading SGEN to an Outperform rating (from Sector Perform) and increasing our PT on shares to $188 (from $179) on a now increasing likelihood, in our estimation, that the company will no longer stand alone as well as the emerging clarity and confidence in the base commercial business from recent execution and newsflow which we believe represents a floor value for the longer term."

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

Shares of Seagen closed at $170.14 yesterday.

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