Disappointing news reported from Seattle Genetics today. I actually like the stock after the price bottoms out as they are focusing their efforts on Non-Hodgkins Lymphoma drug, brentuximab. Wait for the massive sell-off in the next week or two and wait for Clinical Trials results to come out in about 6 weeks from Phase II testing for NHL. I anticipate a massive sell-off in the next couple of days after todays disappointing clinical trials news on a separate medication for AML, acute myeloid leukemia.
KEYWORDS: Antibody-Drug Conjugates, Millenium Pharmaceuticals, Seattle Genetics, AML, Monoclonal Antibody Therapeutics, Hodgkin Lymphoma
Seattle Genetics is ditching further development of its clinical-stage acute myeloid leukemia (AML) candidate lintuzumab (SGN-33) after a Phase IIb trial failed to show the drug extended overall survival. The firm says it will now focus on the rest of its clinical pipeline, headed by the Phase III-stage Hodgkin lymphoma drug, brentuximab vedotin, which is being developed in collaboration with Millennium Pharmaceuticals.
