William Blair analyst Andy Hsieh noted that Merck (MRK) announced that the Phase 3 KEYNOTE-204 trial testing Keytruda against Adcetris in relapsed or refractory Hodgkin lymphoma met its primary endpoint of progression-free survival and will continue as the other primary efficacy endpoint of overall survival matures. He thinks the study results revive the fear of "obsolescence, or at least significant competitive pressure," for Seattle Genetics' (SGEN) Adcetris franchise. However, while he looks forward to the full data presentation, Hsieh does not believe the KEYNOTE-204 results will lead to significant changes in the treatment paradigm for Hodgkin lymphoma and he has an Outperform rating on Seattle Genetics shares.