Piper Jaffray upgraded Seattle Genetics (NASDAQ: SGEN) from Underweight to Neutral with a price target of $44.00 (from $30.00).

Analyst Edward Tenthoff commented, "GEN reported ADCETRIS sales of $59 million in 3Q:15 and management again raised 2015 ADCETRIS sales guidance to $218-223 million, and our forecast is as the highend of guidance. ADCETRIS was approved in post-transplant consolidation Hodgkin's Lymphoma based on the Phase III AETHERA trial and the FDA converted ADCETRIS accelerated approval to standard approval. Enrollment is complete in the Phase III ALCANZA trial in T-Cell Lymphoma with data in 2H:16 and ECHELON-1 trial in front-line HL with data in 2017-'18. We now forecast ADCETRIS sales of $265 million in 2016. Importantly, SGEN and partners are advancing 25 ADCs in the clinic. Following a recent offering, SGEN ended 3Q:15 with cash of $736 million. In light of continued ADCETRIS strength and pipeline progress, we are upgrading SGEN to Neutral from Underweight and increasing our price target to $44 from $30."

The firm adjusted FY 205 EPS from ($0.93) to ($0.99) and FY 2016 EPS from ($0.94) to ($0.84.).

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Shares of Seattle Genetics closed at $42.14 yesterday.