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ImmunoGen (IMGN) Posts Wider-than-Expected Q3 Loss

ImmunoGen, Inc. IMGN is a clinical-stage biotechnology company, which focuses on developing targeted anticancer therapeutics using its antibody-drug conjugate (ADC) technology. This Waltham, MA-based company has several candidates in its pipeline.

The company’s pipeline includes – mirvetuximab soravtansine for ovarian cancer and certain other FRa-positive solid tumors, IMGN529 and coltuximab ravtansine, for diffuse large B-cell lymphoma and other B-cell malignancies.

The company earns revenues from royalties, license and milestone payments, and research and development support fees paid by its partners.

ImmunoGen’s track record has been disappointing. The company reported wider-than-expected losses in three of the last four quarters, and met estimates on one occasion, with an average negative surprise of 8.35%.

With ImmunoGen not having any approved products in its portfolio, investor focus should remain on pipeline updates since a number of pipeline related activities are lined up for the coming quarters.

Currently, ImmunoGen has a Zacks Rank #3 (Hold), 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 wider-than-expected quarterly loss. Our consensus called for a loss of 30 cents per share, and the company reported a loss of 37 cents per share.

Revenues: Revenues also missed expectations. ImmunoGen posted revenues of $19.7 million, compared to our consensus estimate of $25 million.

Key Stats: ImmunoGen continues to progress with its pipeline. The company is currently enrolling patients in a phase Ib/II study (FORWARD II) on its lead candidate, mirvetuximab soravtansine, combination with other approved anticancer agents, for the treatment of ovarian cancer. In addition, ImmunoGen has initiated a phase I study on IMGN779 for the treatment of acute myeloid leukemia.

ImmunoGen has updated its guidance for its fiscal 2016. Revenues are now expected in the range of $60–$70 million, compared to the previous guidance of $70–$80 million.

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

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