Seagen price target raised to $229 from $210 at Oppenheimer

Oppenheimer raised the firm’s price target on Seagen (SGEN) to $229 from $210 and keeps an Outperform rating on the shares. The firm is is "encouraged" by Pfizer’s (PFE) $229/share offer for Seagen and considers this deal a positive for both sides of the proposed transaction. Oppenheimer highlights the favorable M&A dynamics which it suspects could lead to additional biopharma deals, including drug development synergies, access to Pfizer’s massive medicinal chemistry and machine learning platform, fully integrated global infrastructure enabling Pfizer to commercialize Seagen’s R&D portfolio no longer required to share across external geographical partners, and access to multiple oncology modalities.