Oppenheimer Reiterates Outperform, $26 PT On Seattle Genetics - Hecla Mining (NYSE:HL)

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In a note out today, Oppenheimer reiterated an Overweight rating and $26 price target on Seattle Genetics (Nasdaq: SGEN), implying significant upside from current levels. "Based primarily on Adcetris' worldwide potential, we believe SGEN is attractive at current levels. We see the pivotal trial results for Adcetris in relapsed/refractory Hodgkin's lymphoma (HL) and anaplastic large cell lymphoma (ALCL) as very strong. We estimate >$400 million in worldwide peak sales of the drug in this indication. We also expect meaningful off-label penetration of Adcetris in earlier line HL, which we believe will drive peak sales of the drug considerably higher," Oppenheimer said in the note.Shares of Seattle Genetics are down more than 5% today.

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