Seattle Genetics sags as Adcetris sales miss target

Seattle Genetics Inc. (NASDAQ:SGEN) lost $10.05 (15%) to $55.30 on Friday after 3Q18 sales of Adcetris brentuximab vedotin fell short of expectations, and the cancer company predicted relatively flat sales in 4Q18.

Adcetris delivered $127 million in quarterly sales, up 4% sequentially from $122.4 million in 2Q18 and up 60% from 3Q17. The new figure fell short of analysts' $135.7 million consensus and the company's own guidance issued in July of $130-$135 million. Seattle Genetics is guiding for $128-$133 million in 4Q18 sales...