Seagen price target raised to $229 from $157 at Stifel

Stifel raised the firm’s price target on Seagen (SGEN) to $229 from $157 and keeps a Hold rating on the shares. Stifel views management’s disclosure of Q1 earnings as "largely immaterial" due to the likelihood and timing of Pfizer’s (PFE) acquisition, which remains the singular near-term focus for investors. The firm believes the strength of Adcetris sales growth remains impressive and lower-than-consensus Padcev sales shouldn’t spark any concern due to trial supply headwind and recent accelerated approval into 1L cisplatin-ineligible mUC.