Seagen price target raised to $178 from $160 at Needham

Needham analyst Ami Fadia raised the firm’s price target on Seagen to $178 from $160 and keeps a Buy rating on the shares after its Q4 results last week. The analyst is updating the firm’s valuation methodology model to one that is consistent with all other companies in Needham’s Neuroscience and Targeted Oncology coverage. The firm further notes that Seagen’s 2023 guidance looks achievable, driven by strong recent momentum in Adcetris.