Leerink Partners reiterated an Outperform rating and $56.00 price target on Seattle Genetics (NASDAQ: SGEN) following the announced FDA approval of Adcetris. SGEN announced the approval after market close. The Adcetris will be used in the AETHERA setting for Hodgkin’s lymphoma patients at high risk of relapse or progression following autologous stem cell transplant.

Analyst Seamus Fernandez commented, "After the close, SGEN announced that the FDA granted full approval of Adcetris in the AETHERA setting (Hodgkin’s lymphoma [HL] patients at high risk of relapse or progression following autologous stem cell transplant [ASCT]). While there had been some concerns resulting from the lack of an observed OS benefit in the trial, approval was in line with our expectations and we continue to expect increased uptake in this population with the potential for longer duration of treatment. As an upside surprise, the agency also converted Adcetris’ accelerated approval in relapsed/refractory HL to full approval, potentially raising the bar for new agents (such as PD-1 inhibitors) in this setting."

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 $46.45 yesterday.