UPDATE: Credit Suisse Initiates Seattle Genetics at Outperform; Antubody Pure-Play

Credit Suisse initiated coverage on Seattle Genetics

with an Outperform rating and a $28 price target. Credit Suisse commented, "We view SGEN as a mustown pure-play antibody company, with a leadership position in the field of antibody-drug conjugates, an area of increasing investor and pharmaceutical company interest. … Data flow at upcoming meetings including ASH in December, EHA and ASCO in June, and ESMO in September will provide venues for updated Adcetris results and new clinical data from the pipeline. The likely accumulation of positive data across multiple drugs should increase confidence in ongoing Phase III trials and the value currently assigned to the technology/pipeline. Quarterly sales are important in the near-term, but not as important as investor confidence in market expansion opportunities" Seattle Genetics closed at $23.45 on Monday.