Raymond James analyst Dane Leone upgraded Seagen to Strong Buy from Outperform with a price target of $175, up from $155, post the Q4 results. The analyst says the upcoming potential accelerated approval of Padcev in first-line cis-ineligible patients "will act as a springboard" into the topline data of EV-302 later in the year. In addition, data from the HER2CLIMB-02 trial could expand the Tukysa label and will provide both clinical and mechanistic insight into the combinability of Tukysa and ADCs, while the ongoing HER2CLIMB-04 in combination with Enhertu could provide significant upside to the current commercial outlook, the analyst tells investors in a research note. The firm upgraded Seagen on its upcoming clinical catalysts.
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