Piper Jaffray analyst Joseph Catanzaro lowered his price target on Seattle Genetics to $66 and kept his Neutral rating after its Q3 results, saying the company’s sales of Adcetris missed consensus and also marked a deceleration of growth from Q2. The analyst notes that the results suggest that “moving beyond early adopters and converting more hesitant physicians to A+AVD may be more of a headwind than expected”. Catanzaro adds that the company’s Q4 outlook for Adcetris further implies that the trajectory of reluctance may not change in the near future.
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