Seagen price target raised to $185 from $178 at Needham

Needham analyst Ami Fadia raised the firm’s price target on Seagen (SGEN) to $185 from $178 and keeps a Buy rating on the shares. A potential deal between Pfizer (PFE) and Seagen is likely to be to be scrutinized closely given the FTC’s posturing, particularly since the June 2022 workshop, for a tougher stance against pharma mergers, the analyst tells investors in a research note. The firm’s view on fundamentals is unchanged, and believes the stock will trade near-term based on news flow around the deal.