Seattle Genetics - No Bounce After Phase 1 Trial Put On Clinical Hold

Seattle Genetics, Inc. SGEN shares were seen trading lower by $8.68 at $53.18 in Tuesday's morning session. The catalyst for the decline is the announcement that a clinical hold has been placed on Phase 1 trial of Vadastuximab Talirine.

After a much lower open, it bottomed at $52.18 and managed a brief rally to $54.70 before resuming its move lower. It has fallen back to the $53 area, but has yet to make a new low for the session.

If the decline continues through the current low there may be additional support at its November 1 low ($51.50) as well as its October 31 low ($50.80).