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ImmunoGen shares slip after missing Wall Street's 2Q forecasts

Last updated: 11:10 27 Jul 2018 EDT, First published: 11:00 27 Jul 2018 EDT

Cancer cells
The company projects it will see US$60mln to US$65mln in revenue this year

Shares in ImmunoGen Inc (NASDAQ:IMGN), a cancer drug developer, slumped Friday after missing Wall Street’s forecasts for second-quarter revenue and profit.

The Waltham, Massachusetts, company reported a net loss of US$41.6mln, or US$0.31 per share, which was wider than analysts’ estimate for a loss of US$0.29 per share.

Hit by a reduction in fees from licenses and a slowdown in milestone payments, ImmunoGen’s revenue of US$9.3mln widely missed Wall Street’s projection of US$14.2mln.

In the wake of the results, investors pushed shares in ImmunoGen down 5.3% to US$9.41 in morning trade.

ImmunoGen is developing targeted anti-cancer therapeutics using its antibody-drug conjugate technology. Its lead drug mirvetuximab soravtansine is being developed for the treatment of ovarian cancer and has received a Fast-Track designation from the US Food and Drug Administration.  

The company is sticking to its projected revenues for the full year of a range between US$60mln to US$65mln.

It had cash and cash equivalents at the close of June of US$345.1mln as well as US$2.1mln in convertible debt.

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