Berenberg analyst Zhiqiang Shu downgraded Seagen (SGEN) to Hold from Buy with a price target of $229, up from $170. The analyst cites the pending takeover by Pfizer (PFE) for $229 per share in cash for the downgrade. The companies expect the deal to close in late 2023 or early 2024, contingent upon approval from regulators and Seagen shareholders, the analyst tells investors in a research note.
Published first on TheFly
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