UPDATE: Bank of America Upgrades Seattle Genetics On Trial Risks

In a report published Tuesday, Bank of America analyst Steve Byrne upgraded the rating on

from Underperform to Neutral, but lowered the price target from $46.00 to $40.00. In the report, Bank of America noted, “We rate SGEN shares Neutral. While we believe expectations for Adcetris' label expansions are mostly priced in, given the stock's pull-back and potential favorable AETHERA readout in 2H14 we rate SGEN shares Neutral. SGEN's ADC platform could add upside to valuation but these wholly owned products are in early stage development.” Seattle Genetics closed on Monday at $35.10.