UPDATE: Citadel Securities Initiates Coverage on Seattle Genetics

Citadel has published a report on Seattle Genetics (NASDAQ: SGEN) initiating coverage on the biotech company.

In the report, Citadel wrote, "Despite our bearish view on the Adcetris market opportunity, we believe the product is approvable based on Phase II data. While we believe approval could be delayed slightly beyond the August 30 FDA action date as SGEN management and the FDA work to finalize design of a confirmatory study, we believe Adcetris could be approved by year end."

Citadel rated Adcetris a REDUCE with a price target of $10.00. Seattle Genetics closed Friday at $13.84.