Immunomedics (IMMU) - Get Immunomedics, Inc. Report shares were flying high ahead of the opening bell on Friday, thanks to the announcement of a licensing agreement with Seattle Genetics (SGEN) - Get Seagen, Inc. Report for its solid tumor therapy candidate.
Immunomedics shares were up 11% ahead of the market open on Friday, hitting $4.75 apiece. According to the terms of the deal, Seattle Genetics could pay Immunomedics up to $2 billion based on certain milestone achievements. The up-front value of the deal, though, is $250 million.
Seattle Genetics also was on the move on Friday morning. The company's shares fell 6.7% ahead of the morning bell, hitting $58.59 apiece. Seattle Genetics has a market cap of $8.89 billion, and closed up Thursday by 2.1%. Seattle Genetics' shares have doubled over the past year, thanks to several cancer drugs in its pipeline, as well as one on the market, Adcetris, which helps treat Hodgkins lymphoma.
Organovo (ONVO) - Get Organovo Holdings, Inc. Report , a biotech that focuses on bioprinting human tissue, meanwhile, fell 16.9% in premarket trading on Friday. The company's shares hit $3.15, falling from the company's Thursday close of $3.77.
Organovo reported earnings after the market close on Thursday. The company surprised investors with a loss for the third quarter of 2016 of 9 cents per share, or $9.6 million in total during the quarter.
Shares of Intercept (ICPT) - Get Intercept Pharmaceuticals, Inc. Report , which focuses on NASH treatments for liver disease, meanwhile, were on their way up on Friday morning. Intercept shares were rising by 8.5% in the premarket session, nearing $122 per share.
Intercept announced Friday during an investor call that it would change the design of the phase III trial of its NASH treatment, noting that the Food and Drug Administration was supporting the move.
shares were climbing ahead of the opening bell as well. Shares were up 2.17%, hitting $3.30. There did not seem to be news moving the shares.