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ImmunoGen (IMGN) Reports Wider-than-Expected Loss

Waltham, MA-based ImmunoGen, Inc.IMGN is a development-stage biotechnology company, which focuses on developing targeted anticancer therapeutics using its antibody-drug conjugate technology (ADC). The company's ADC technology is used in Roche's marketed product, Kadcyla, in four other development-stage candidates in its own pipeline, and in programs in development by its partners Amgen and Bayer among others.

With ImmunoGen not having any approved products in its portfolio, the company earns revenues from royalties, license and milestone payments, and research and development support fees paid by its partners.

ImmunoGen is moving to reporting on a calendar-year basis, effective Jan 1, 2017.

ImmunoGen's track record has been disappointing with the company missing expectations in the past four quarters. Overall, the company has posted an average negative miss of 19.34%.

ImmunoGen, Inc. Price and EPS Surprise

ImmunoGen, Inc. Price and EPS Surprise | ImmunoGen, Inc. Quote

Currently, ImmunoGen has a Zacks Rank #4 (Sell), but that could definitely change following the company's earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: ImmunoGen posted marginally wider-than-expected loss in the quarter (ending Dec 31, 2016). Our consensus called for a loss of 38 cents per share, and the company reported a loss of 39 cents per share (excluding restructuring charge).

Revenues: Revenues also missed expectations. ImmunoGen posted revenues of $13.8 million, compared to our consensus estimate of $19 million.

Key Stats: ImmunoGen continues to progress with its pipeline. In Jan 2017, the first patient was dosed in a phase III study (FORWARD I) of its lead candidate mirvetuximab soravtansine, for the treatment of platinum-resistant ovarian cancer.

Guidance Updated: The company issued its financial guidance for 2017. Revenues are expected in the range of $70 million and $75 million, which includes $28 million of expected upfront and milestone fees from partners.

Operating expenses are projected in the range of $175 million and $180 million for 2017.

Share Price Impact: In-active in pre-market trading .

Check back later for our full write up on IMGN earnings report later!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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