Jefferies Comments on FDA Approval of Seattle Genetics (SGEN) Adcetris, Better-Than-Expected

Jefferies is reiterating its Buy rating and $24 price target on shares of Seattle Genetics (NASDAQ: SGEN) following the FDA's approval of Adcetris for Hodgkin lymphoma and systemic anaplastic large cell lymphoma.

The firm notes that approval for patients with Hodgkin lymphoma and transplant ineligible patients was broader than they originally expected.

The company currently is forecasting a target market in relapsed/refractory Hodgkin lymphoma and systemic anaplastic large cell lymphoma at 8,000-9,000 patients, including 3,000-3,500 transplant-ineligible Hodgkin lymphoma patients who were previously in dispute.

An analyst at Jefferies comments, "We view a slightly early Adcetris approval as a signal of good concordance on the confirmatory trial plan proposed by SGEN, despite the contentious debate at the panel on this question."

For more ratings news on Seattle Genetics click here and for the rating history of Seattle Genetics click here.

Shares of Seattle Genetics closed at $15.04 yesterday.

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