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.