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Nov. 16, 2018, 1:53 p.m. EST

Seattle Genetics stock jumps 6% after new FDA approval for lymphoma treatment

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By Ciara Linnane

Shares of Seattle Genetics Inc. /zigman2/quotes/203326163/composite SGEN -2.87% rose more than 6% Friday, after the company said it had received a new approval for its Adcetris therapy as a treatment for previously untreated peripheral T-Cell Lymphoma. The U.S. Food and Drug Administration approved Adcetris in combination with CHP chemotherapy based on the successful outcome of its phase 3 ECHELON-2 clinical trial, the company said in a statement. The FDA used a new approval pathway that allowed it to come just two weeks after the company submitted data and just under two months since it announced topline data. "While this approval was widely anticipated given the Overall Survival benefit and positive trial (ECHELON-2), we believe SGEN shares will react favorably given that it suggests PTCL revenues are likely to start in Q4, and also dispels any risk from the upcoming American Society of Hematology (ASH) presentation, especially in regards to the broader, non-ALCL (anaplastic large cell lymphoma​) cohort, which were included in this label," said Leerink analyst Andrew Berens. Leerink was previously expected revenue to start in 2019. It is the sixth FDA-approved indication for Adcetris. Shares have gained 7% in 2018, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.32% has gained 2%.

/zigman2/quotes/203326163/composite
US : U.S.: Nasdaq
$ 114.13
-3.37 -2.87%
Volume: 1.34M
Dec. 9, 2019 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$19.56 billion
Rev. per Employee
$502,842
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/zigman2/quotes/210599714/realtime
US : S&P US
3,135.96
-9.95 -0.32%
Volume: 1.60B
Dec. 9, 2019 5:16p
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