BofA/Merrill analyst Geoff Meacham resumed coverage of Seattle Genetics with a Neutral rating and $125 price target. The analyst is positive on its growth prospects for Adcetris given the increased uptake in frontline peripheral T-cell lymphoma and potential immuno-oncology combos, as well as its de-risked pipeline assets that could launch in 2020. Meacham adds that the company's antibody-drug conjugate platform is unique and capable of generating more commercial products beyond its current pipeline. With a 107% year-to-date run-up however, the analyst contends that the stock accounts for these near-term opportunities while struggling with visibility on the earlier-stage assets.