Seattle Genetics, Inc. (NASDAQ: SGEN)
Seattle Genetics is having an overwhelmingly rough day in the market today. When the opening bell rang, the stock found itself in the red. From there, we’ve seen ups and downs. That is, until minutes ago when the stock really started spiking downward. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to SGEN ahead.
What We’re Seeing From SGEN
As mentioned above, Seattle Genetics isn’t off to the best of days in the market today. In fact, at the opening bell, the stock was trading in the red. From there, we saw ups and downs, but nothing exciting enough to write home about. Nonetheless, minutes ago, that all changed as the stock started on a large spike downward. At the moment (11:23), SGEN is trading at $52.65 per share after a loss of $2.56 per share (4.64%) thus far today.
Why The Stock Is Falling
As is usually the case, our partners at Trade Ideas were the first to alert us to the movement surrounding SGEN. As soon as they did, the team started working to see what we could uncover as the reason for the declines. When it comes to Seattle Genetics, it didn’t take long to uncover the news. Unfortunately, the news is overwhelmingly bad.
Minutes ago, SGEN announced that it has suspended a key enrollment process. The enrollment suspension involves a clinical trial that’s evaluating Adcetris + Opdivo as a combination treatment. At the moment, there’s not much data available, as the story is still breaking. However, this isn’t good news for the company or its investors.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SGEN. In particular, we’ll be watching to see what the plan is with the trial moving forward. Obviously, with enrollment canceled, a canceled trial all together may be on the table. Let’s hope that’s not the case. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
UPDATE – Suspension is said to be “purely procedural. Trial is going well. We are amending protocol to add additional patients.”
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