IMGN - ImmunoGen stock down 7% on disappointing Q2 result
- ImmunoGen ( NASDAQ: IMGN ) is trading ~7% down after the company posted lower-than-expected quarterly result, hurt by lower non-cash royalty revenue.
- Total revenues fell 16% Y/Y to $14.2M and missed estimates by $1.98M.
- Operating expenses for the quarter were $75.2M, compared with $44.3M a year ago.
- Research and development expenses rose to $51.4M compared to $34.6M a year ago, driven by increases in clinical trial costs, personnel and temporary staffing costs, and research expenses.
- ImmunoGen had $373.9M in cash as of June 30.
- ImmunoGen Q2 GAAP EPS of -$0.24 missed estimates by $0.03.
- The company sees 2022 revenues between $75M and $85M vs consensus of $84.68M.
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ImmunoGen stock down 7% on disappointing Q2 result