Seattle Genetics jumps as quarterly results beat expectations
Shares in US biotech Seattle Genetics (Nasdaq: SGEN) were 8% higher within minutes of trading starting on Friday, following the announcement of the company’s quarterly financial results.
Total revenue for the first quarter of 2020 was $234.5 million, 20% higher than it was in the same period of 2019 and ahead of analysts’ average expectations of $212.1 million.
"We have exciting prospects for future growth"Net loss for the first quarter of 2020 was $168.4 million, or $0.98 per diluted share. When adjusted for investment costs, this came to $0.64 cents per share, which again beat analyst expectations.
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