IMGN - Why Shares of ImmunoGen Jumped Friday
2023-04-28 12:03:12 ET
Shares of ImmunoGen (NASDAQ: IMGN) rose by almost 27% Friday morning after the company announced its first-quarter results. The biotech company's stock had previously been having a sluggish 2023 -- it's now up by 9.7% year to date.
The company, which focuses on cancer-fighting antibody-drug conjugates, has seen strong early sales for its new drug, Elahere, which was given accelerated approval by the Food and Drug Administration (FDA) in November to treat platinum-resistant ovarian cancer. In the first full quarter since its launch, the injectable drug did $29.5 million in sales. In May, ImmunoGen expects to report top-line results from its phase 3 MIRASOL study of Elahere that it anticipates will support a full approval of the drug's biologics license application in the U.S. and a marketing authorization application (MAA) to support its approval in Europe.
For the quarter, the company reported overall revenue of $49.9 million, up 30.9% year over year. It had a net loss of $41 million ($0.16 per share) compared to a net loss of $24.1 million ($0.10 per share) in the same period last year. The company said it has enough cash on the books to fund its operations into 2025.
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Why Shares of ImmunoGen Jumped Friday