Specifically, on December 27, 2016, the Company announced that the U.S. Food and Drug Administration had placed a clinical hold on several early stage trials of the Company's experimental cancer drug, vadastuximab talirine. The clinical holds were initiated to evaluate the potential risk of hepatotoxicity in patients treated with the drug. Seattle Genetics revealed that six acute myeloid leukemia patients had been identified with liver toxicity and that four had died.
On this news, Seattle Genetics' share price fell from $61.86 per share on December 23, 2016 to a closing price of $52.36 on December 27, 2016—a $9.50 or a 15.36% drop.
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