Jefferies initiates coverage on Seattle Genetics (Nasdaq: SGEN) with a Buy rating and $22 price target.
The firm states, "With SGN-33 and SGN-35 data now in hand, we find ourselves asking, what next? We believe the full data release for SGN-35 may be stronger than the results released thus far, and can form the foundation for an eventual Rituxan-like franchise. Simply put, Seattle Genetics may be the next Genentech"
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