Shares of Seattle Genetics Inc. (SGEN)  fell 8.4% to $56.55 on Monday, June 26, as the company revealed Phase 3 study data for its Hodgkin lymphoma treatment.

Though the data was positive and some on Wall Street expect the drug, adcetris, to be a $1.5 billion-in-peak-sales product the release of the data may have failed to live up to some investors expectations for the highly anticipated data release.

"There was an increased incidence of febrile neutropenia and peripheral neuropathy in the ADCETRIS+AVD arm," Seattle Genetics, along side partner Takeda Pharmaceutical Co. said Monday. Although "febrile neutropenia was reduced through the use of prophylactic growth factors in a subset of patients, and peripheral neuropathy was managed through dose modifications," they added, "the control arm had an increased rate and severity of pulmonary toxicity."

While the stock slumped, the data puts Seattle Genetics and Takeda on the road to market with adcetris.

"Given that the trial met the primary endpoint (with positive overall survival trend) and the trial was being conducted under an SPA agreement we think the drug will obtain approval, likely in [the first half of 2018]," Leerink Partners Michael Schmidt wrote in a note Monday."[Seattle Genetics] plans on filing the regulatory submission as soon as possible with full results excepted to be presented at the ASH conference."

Meanwhile, John Paulson's Paulson & Co. revealed in a regulatory filing on Monday that had upped its stake in Valeant Pharmaceuticals International Inc. (VRX) to 6.3% from 5.7%. Paulson joined the board of the embattled pharmaceutical company earlier in June.

Shares of the pharmaceutical maker, which recently took its toll on another hedge fund heavy weight in Bill Ackman, had risen about $1.28, or 8%, on Monday to $17.08 per share. The company is up about 18% in 2017 year-to-date.

Shares of Waltham, Mass.-based ImmunGgen popped 12.5%, or 76 cents, to $6.82 per share as the company released Phase 1 data for IMGN779, a compound being explored for the treatment of leukemia.

Meanwhile the company continues to pare its portfolio of noncore assets, said Leerink's Schmidt in an ImmunoGen note Sunday.

"Among these, the potential royalty on Bayer's anetumab could potentially generate the biggest value, pending positive results from the fully enrolled pivotal trial in mesothelioma," he said. "Coltuximab ravtansine (anti-CD19 ADC) is a Phase III-ready non-core asset which is on IMGN's near-term outlicensing list."

Leerink reiterated its outperform rating and $11 price target on the company.

"We believe the company is undervalued based on the commercial potential of Phase III lead asset mirvetuximab in ovarian cancer, while IMGN's other assets potentially represent sources of additional upside at the current valuation," Schmidt said.

Other biotech stock movers include FibroGen Inc. (FGEN) , up 8.5% to $35, and Sangamo Therapeutics Inc. (SGMO) , up 3.8% to $9.65.

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Editor's pick: This article was originally published at 9:19 am ET and has been updated.

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