Seagen price target raised to $210 from $180 at Oppenheimer

Oppenheimer raised the firm’s price target on Seagen (SGEN) to $210 from $180 and keeps an Outperform rating on the shares. According to the Wall Street Journal, Seagen (SGEN) has become a potential acquisition target for Pfizer (PFE), with discussions underway that could eventually lead to various deal scenarios. The firm believes that Pfizer may have pursued a deal last summer when Merck (MRK) allegedly approached Seagen; as a former pioneer of ADC technology, Pfizer may seek to enhance its ADC platform and clinical pipeline; based on diminishing COVID-related revenues and unrelated patent cliffs, Pfizer plans to acquire $25B in annual revenue via deal activity by 2030; and Seagen is predicted by consensus estimates and expectations, supported by the new CEO’s comments, to deliver over $8B in 2030 revenue.