Why Seattle Genetics Jumped Higher Today

Seattle Genetics (NASDAQ:SGEN) is up 9.5% as of 11:27 a.m. EDT today after releasing first quarter earnings after the bell yesterday and offering up strong second-quarter guidance.

Sales of Seattle Genetics' only drug, Adcetris, jumped 36% year over year to $95.4 million. Royalties, which are primarily from sales of Adcetris outside the U.S. and Canada by its global partner Takeda, came in at $15.7 million, down a little compared to the year-ago quarter, but that was just due to the new accounting standards for revenue recognition.