BMO Capital downgraded Seagen (SGEN) to Market Perform from Outperform with a price target of $229, up from $179, following the proposed acquisition of the company by Pfizer (PFE) at $229 per share. The stock closed at $197 today following the announcement, reflecting investors’ views on potential pipeline and FTC risks, but the portfolio overlap is seen as "minimal", the analyst tells investors in a research note. The firm adds however that the the likelihood of additional suitors stepping in with competing bids fore Seagen is low, and it sees the company’s major 2023 catalysts having been "at least partially de-risked".
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Published first on TheFly
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