Seagen downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Seagen (SGEN) to Market Perform from Outperform without a price target following the proposed acquisition by Pfizer (PFE). Given the announcement and premium paid, the analyst does not expect any other bidders. The stock should trade approximately 10% higher as the completion of the acquisition gets closer, the analyst tells investors in a research note.