UPDATE: Piper Jaffray Downgrades Seattle Genetics to Underweight on Limited Sales Growth Outlook

Piper Jaffray lowers its rating on Seattle Genetics SGEN from Neutral to Underweight and reduces its price target from $22 to $20. Piper Jaffray comments, "Seattle Genetics launched a great drug ADCETRIS for Hodgkin's lymphoma, has strong corporate partnerships and a healthy balance sheet. But SGEN is an expensive stock trading at >20x ADCETRIS sales. We presently forecast sales of $142.4 million this year and $140 million in 2013. We do not expect to see meaningful sales growth until data supports earlier utilization of ADCETRIS in Hodgkins/ALCL or other CD-30+ cancers. We recommend investors take profits at current levels." SGEN closed at $25.39 on Friday.