Seagen price target raised to $229 from $155 at RBC Capital

RBC Capital raised the firm’s price target on Seagen (SGEN) to $229 from $155 and keeps an Outperform rating on the shares following the proposed acquisition of the company by Pfizer (PFE) at $229 per share. Seagen is a "strategically fit" player to further bolster Pfizer’s oncology capabilities and expertise, the analyst tells investors in a research note. RBC also anticipates a relatively low likelihood of other bidders emerging while noting that the deal’s regulatory FTC risks are "limited or manageable", and the firm believes the acquisition will close in late-2023/early-2024.