UPDATE: Piper Jaffray Downgrades Seattle Genetics to Neutral

Piper Jaffray is out with its report today on Seattle Genetics SGEN, downgrading SGEN from Overweight to Neutral. In its report, Piper Jaffray writes, "SGEN reported 3Q:11 net ADCETRIS sales of $10 million, beating our $1.9 million and Street estimates in the first 6 weeks of launch. The strong results were driven by conversion of many patients who were in expanded access trials and pent up demand from knowledgeable hematologists. Despite robust initial launch, a strong cash position and industry leading ADC partnerships, we find shares of SGEN fully valued and are thus downgrading to Neutral. More specifically, we believe the strong launch is reflected in the current share price and believe there will be a long time until clinical data enables broader approval." Piper Jaffray maintains a $22 PT on SGEN. Shares of SGEN closed Thursday at $21.96, down 1.44% from Wednesday's close.