RTTNews | Oct 30, 2020 10:07AM EDT

10:06 Friday, October 30, 2020 (RTTNews.com) - Shares of Seagen Inc. (SGEN) are losing more than 9 percent or $17.43 in Friday's morning trade at $174.91 despite the biotechnology company's third-quarter results beating analysts' estimates.

Thursday, Seagen reported net income for the third quarter of $636.17 million or $3.50 per share, compared to net loss of $91.91 million or $0.55 per share in the year-ago quarter. Total revenues surged to $1.06 billion from $213.26 million in the prior-year period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share on revenues of $508.49 million.

However, U.S. stocks are lower on Friday, reflecting weakness in shares of tech companies such as Apple and Amazon, and on lingering concerns about the recent spike in coronavirus cases.

Seagen has traded in a range of $90.57 to $213.94 in the past 52 weeks.

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