Seattle Genetics Inc., the maker of the recently approved cancer medicine Adcetris, rose the most in more than three months after an analyst said sales of the drug will be higher than previous estimates.
Seattle Genetics gained 7.6 percent to $16.16 at the close in New York, the biggest single-day increase since Aug. 19. The shares have risen 8.1 percent this year.
Adcetris was approved in August for patients with Hodgkin lymphoma for whom other therapies have failed, the first new medicine cleared by U.S. regulators for the disease since 1977. Jason Kantor, an RBC Capital Markets analyst in San Francisco, raised his fourth-quarter sales estimate for Adcetris 59 percent to $35 million after a survey of 100 doctors showed increased use of the drug.
“We believe the rapid uptake, high penetration rate, and potential for retreatment will position SGEN for multiple quarters of exceeding consensus expectations,” Kantor wrote yesterday in a note to clients.