Cowen reiterated a Market Perform rating on Seattle Genetics (NASDAQ: SGEN), and raises the price target to $40.50 (from $34.00), following 2Q15 results. SGEN posted Adcetris sales of $55.1M for 2Q15, ahead of consensus $50.9M estimates.

Analyst Boris Peaker commented, "SGEN reported 2Q15 results. Adcetris had a strong quarter ($55M; +23% Y/Y) and has already seen some post-transplant use ahead of the August 18th PDUFA. Management discussed development plans for SGN-CD33A and suggested the potential for accelerated approval and plans to have an end of Phase I meeting with the FDA by YE. We maintain at Market Perform."

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Shares of Seattle Genetics closed at $47.34 yesterday.