Needham & Company analyst Chad Messer lowered the price target on Seagen (NASDAQ: SGEN) to $180.00 (from $200.00) while maintaining a Buy rating.

The analyst quotes: "4Q21 EPS came in ~17% or $0.14 below expectations due to higher expenses, even though revenues were 8% higher than consensus. 2022 guidance came in meaningfully below consensus expectations, with revenue guidance ~21% below cons at the mid-point, and both R&D and SG&A guidance range ~4% above cons. Revenue guidance was particularly weaker than expected for Tukysa (~flat/down Y/Y), although Padcev guidance came in above expectations. Overall, mgt remains confident about its longer term growth prospects driven by the multitude of pipeline programs underway, which we agree with. We are adjusting our model to reflect the lower 2022 guidance, which had a ripple effect in the outer yrs, and lowering our PT to $180."