Needham & Company Maintians Bullish Stance on Seattle Genetic (SGEN) Amid AETHERA Data

Needham & Company analyst Chad Messer reiterated a Buy rating and $60 price target on Seattle Genetics (NASDAQ: SGEN) following positive top-line AETHERA data.

Messer commented, "This morning Seattle Genetics reported positive top-line data from the pivotal AETHERA trial of ADCETRIS. The trial met its primary endpoint with a highly significant and meaningful increase in progression free survival (PFS). Investors, however, appear to be reacting negatively to the disclosure that a pre-planned interim overall survival (OS) analysis was not statistically significant, despite the fact that these data are not yet mature. We are buyers of SGEN shares on weakness today as we believe concerns over the interim OS data are overblown."

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 $41.37 yesterday.

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