IMGN - ImmunoGen shares fall after Q1 topline miss FY forecast

ImmunoGen (IMGN) shares fall nearly 2% during premarket trading after reporting first-quarter revenue that missed Wall Street estimates, and re-affirmed its financial guidance for the year.The company's net revenue during the quarter increased 18% to $15.7M, but missed analysts' estimate by $1.82M.2021 Guidance: revenues between $65M and $75M; operating expenses between $200M and $210M; cash and cash equivalents at December 31, 2021 to be between $140M and $150M.ImmunoGen had $283.1M in cash and cash equivalents as of March 31, 2021, compared with $293.9M as of December 31, 2020.The company expects that its current cash will fund operations into the second half of 2022.Net loss for the first quarter was $34.1M, or $0.17 per share, compared to a net loss of $29.1M, or $0.17 per share last year.ImmunoGen also highlighted that top-line data from its pivotal SORAYA Trial of mirvetuximab soravtansine in ovarian cancer is expected in the fourth quarter of 2021.Previously (May 10):

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ImmunoGen shares fall after Q1 topline miss, FY forecast