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UBS Raises PT on Seattle Genetics (SGEN) on Adcetris Label Expansion Opportunities

May 18, 2012 1:48 PM EDT
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Price: $228.74 --0%

Rating Summary:
    10 Buy, 18 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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UBS maintains a 'Neutral' on Seattle Genetics (NASDAQ: SGEN) price target raised from $18 to $23.

Analyst, Matthew Roden, said, "We are more positive on SGEN shares and are raising our PT to $23 (still a Neutral) on a more detailed assessment of Adcetris label expansion opportunities. In our view, the most controversial SGEN debate is to what extent Seattle will capture value from expanding Adcetris usage into settings outside of Hodgkin’s (HL) and systemic anaplastic large cell lymphomas (sALCL). We think the recent data disclosures are supportive of wider use, though the size of the opportunity still remains somewhat unclear (though we attempt to quantify)."

Roden lowers FY12 EPS estimates from (0.08) to (0.56) and FY13 from (0.00) to (0.14)

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 $20.30 yesterday.


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