The U.S. stock market indexes opened in green Monday. The S&P 500, the Nasdaq and the Dow Jones started the week with gains.
Shares of Seattle Genetics Inc. (SGEN, Financial) traded more than 5% higher on the back of the company's announcement the U.S. Food and Drug Administration has granted Breakthrough Therapy Designation to Adcetris (brentuximab vedotin) in combinationn with chemotherapy for the frontline treatment of patients with advanced classical Hodgkin lymphoma. In June, the company announced positive results for the phase III ECHELON-1 clinical trial. The results of the full study will be announced at the American Society of Hematology annual meeting in December.
“The decision by the FDA to grant this designation recognizes the need for new options that can change the care of people with newly diagnosed advanced Hodgkin lymphoma," President and CEO Clay Siegall said. "The designation supports our goal to make Adcetris available to patients in this setting as soon as possible."
The company plans to submit a supplemental Biologics License Application to the FDA before the end of the year.
Gainers
• Tyson Foods Inc. (TSN, Financial)”‹
• General Motors Co. (GM, Financial)
• Citrix Systems Inc. (CTXS, Financial)
• Regeneron Pharmaceuticals Inc. (REGN)
• Seagate Technology PLC”‹ (STX)
• Akamai Technologies Inc. (AKAM)
• TripAdvisor Inc. (TRIP)
• Micron Technology Inc. (MU)
• Expedia Inc. (EXPE)
Losers
• Scana Corp”‹. (SCG)
• Nordstrom Inc. (JWN, Financial)”‹
• Macy's Inc. (M, Financial)”‹
• Dentsply Sirona Inc. (XRAY, Financial)
• MGM Resorts International (MGM)
• Kohls Corp. (KSS)
• Mattel Inc. (MAT)
• HCP Inc. (HCP)
• Western Digital Corp. (WDC)
Global markets
The main European stock market indexes traded mostly higher. The FTSE 100 gained 0.90%, France's CAC 40 climbed 0.39%, Germany’s DAX was up 0.58%, but the IBEX 35 fell 1.21%.
In Asia, Hong Kong’s Hang Seng Index gained 0.48%, China’s Shanghai Composite Index rose 0.28%, Japan’s Nikkei 225 increased 0.22% and India’s BSE Sensex closed flat.
Disclosure: The author holds no positions in any stocks mentioned.
